When high-value assets are involved, a divorce can be complicated. If you are filing for such a divorce, you should be ready for a difficult property division process that may result in conflicts. Thus, it will be best to be informed.
Below are three things to keep in mind in a high-asset divorce:
1. It’s better not to rush
Most people wish to end the divorce process sooner to start their new life. However, speeding up the process may not be wise in a high-asset divorce. You and your soon-to-be ex-spouse should take time to analyze the character of each property (marital or separate) and find the accurate values of each. This will help you understand each property in-depth or realize when the other party tries to hide an asset.
2. You need good records
You should have documents for all assets acquired during the marriage, including those of business partnerships. However, conflicts may arise as your spouse may decline to disclose some documents, especially when hiding assets. Thus, you should be prepared for such. And in some instances, you may need to involve the court to get a document. Documentation will help you and your spouse account for and value marital property and debts accurately.
3. Don’t forget about taxes
Another factor to keep in mind in a high-asset divorce is that two properties of the same value are not equal. Properties have different tax implications. Thus, if you and your spouse get two properties of the same value, but yours is associated with high taxes, you won’t benefit as much. Of course, you can compromise in some situations to be fair, but you don’t want to end up with liabilities only.
These three factors can help you get a fair result from a high-asset divorce. It will be best to get experienced legal guidance to avoid mistakes.