Every divorce has its own set of challenges, but divorces involving a large number of assets can be more complicated than most. Couples who own more properties inherently have more to divide, which can result in an overall longer divorce process and more potential points of contention. In order to protect your interests in your divorce, make sure you know how high asset divorces work and find out what you can do to make your case quick and successful.
Before you begin your high asset divorce, consider the following:
1. Be Honest About Your Finances
At the very start of your divorce, you will need to make a list of all of your assets, including any accounts, properties, and other valuable possessions. When you discuss your finances with your lawyer, you need to be completely honest so that you adequately represent your financial situation to the court. Although it may be tempting to hide certain assets that you feel entitled to, it is far more important to abide by the law and divulge all financial information accurately.
2. Look for Hidden Assets
Even though you choose to be honest about your assets, your spouse may not be so candid. Regardless of how you think your spouse might act, it’s better to be safe than sorry. For that reason, you should work with your attorney to look for any assets your spouse may have hidden. For example, he or she could have liquidated assets and “gifted” them to others in order to avoid you getting them. Rather than risk the loss of your shared property, make sure you discuss your concerns with your attorney and look for any potentially concealed assets.
3. Consider Tax Consequences
Most people going through a divorce only look at what is happening right in front of them rather than thinking ahead to the future. In order to avoid this faux pas, make sure you consider the tax consequences of your divorce early on, before things are set in stone. Even though you may feel victorious by winning a large sum in alimony, or if you are able to retain a large account you once shared, think about how you could be taxed on those alimony payments or through any account withdrawals.
4. Be Prepared to Negotiate
Most divorcing couples argue about how they will divide their properties and possessions, but couples with a large net-worth are even more likely to disagree. Couples going through a high asset divorce will have more possessions to discuss during the property division stage of their divorce, which means they will need to spend more time discussing their options. Not only can this make things more stressful, but it can lead to more arguments, more points of contention, and could generally lead to a more antagonistic divorce. In order to avoid this issue, be prepared to negotiate with your spouse during the property division portion of your divorce, and discuss your options with your attorney so that you know what to expect.
5. Take Your Time
High asset divorces can take time, typically because a couple with a high net-worth has much more property to divvy up. Even though the divorce process can be overwhelming, couples going through a high asset divorce must take their time during each stage of the divorce process. Rushing through may feel good momentarily, but cutting corners can leave you with an unfair share of your marital assets and it could end up costing you much more in the long run.
Most importantly, make sure you have the right type of legal support for your divorce. If you are going through a high asset divorce, you need an experienced, knowledgeable attorney by your side.
Contact Schuttler, Greenberg & Mullins, LLC to discuss your divorce case with our Boca Raton family law attorneys.