Take these considerations into account in your high-asset divorce
There can be a hefty price tag on your divorce. And we’re not talking about legal representation and court costs. We’re talking about the outcome of your property division and spousal support matters. Although you should be entitled to a fair distribution of the marital estate, there’s a lot of room to argue what is just under the circumstances. Remember, the law doesn’t require that these assets be divided equally.
So, if you’re heading into a high-asset divorce, you’ve got a lot to think about. As you prepare to enter the marriage dissolution process, you may want to consider thinking about how to address the following issues:
Vacation home: A vacation home can have a lot of financial and sentimental value. Although that may drive you to seek retention of this property, you need to carefully think through whether doing so is in your best interests. After all, maintaining a vacation home can be quite expensive. You may want to consider whether selling the home and dividing the profits with your spouse is a better option.
Business assets: If there’s a family business in play in your divorce, you need to make sure that you’re getting your fair share of it. To start, you’ll need to ensure that the business has been properly valuated and that you’re not being duped by your spouse into thinking that the business is floundering or is otherwise worth less than it actually is. So, bring in an expert here who can give you a realistic picture of the business’s value.
Retirement accounts: These accounts can have a significant amount of value. And they may be key if your divorce is coming later in life and you don’t have much time post-divorce to rebuild your retirement savings. So, you’ll want to make sure that you have a full understanding of the extent of your and your spouse’s retirement accounts so that you can argue for an amount that leaves you well positioned post-divorce.
Heirlooms and art: If you have jewelry, art, and other pieces of personal property that mean a lot to you, you need to make sure that you know what they’re worth and how to use them to your advantage in your divorce. Again, valuation is key here, as you don’t want to be left at a financial disadvantage because you inadvertently thought that high sentimental value is equated with high financial value.
Marital debt: Even though your marriage may contain a significant number of assets, there may also be more debt than you thought. Figuring out how to divide this debt can be tricky, and it can have tremendous ramifications for your financial standing post-divorce. So, you’ll want to see if you can sidestep some debt by arguing that it’s separate from the marriage and find ways to effectively argue that other marital debts should be divided in a way that’s advantageous to you.
Taking a comprehensive approach to your high-asset divorce
To effectively navigate your high-asset divorce, you need to have a well-thought-out game plan before heading into negotiations and litigation. You need to have a full understanding of the assets and debts that are in play and how to craft persuasive arguments that drive you closer to the outcome that you hope to obtain.
That prospect can be overwhelming as you’re trying to navigate the day-to-day realities of your situation. But don’t let yourself be consumed by your worry. Instead, you can seek out the support that you need from an experienced family law attorney who is prepared to zealously advocate on your side.