Legal Tips for a High Asset Divorce

 Posted on August 06, 2018 in High Asset Divorce

Divorce can be expensive, especially for couples who have accumulated significant assets or are high wage earners. Fortunately, there are steps that divorcing parties can take to reduce their costs and increase the odds of reaching an amicable and fair settlement. To learn more about preparing for a high net worth divorce, please contact a Georgetown high asset divorce lawyer today.

Evaluating Your Financial Situation by Identifying All Marital Assets

Almost any type of property that has value can be considered an asset when it comes to dissolving a marriage, so divorcing couples should keep this in mind when listing all property and debts and include not only real estate, vehicles, and business interests, but also:

• Jewelry;
• Collectibles;
• Antiques;
• Firearms;
• Artwork;
• Furniture;
• Electronics;
• Virtual currency;
• Retirement accounts;
• Investment properties; and
• Personal possessions.

Once a list of assets has been created, the parties will also want to conduct a deeper investigation into their finances to ensure that no assets are hidden, overlooked, or wasted. At this point, the parties will need to identify which assets are marital and which qualify as separate property, as only marital assets must be divided equitably.

Retaining Privacy

Many couples with significant assets or high wages want to keep their financial information from being publicly exposed during a divorce proceeding. While this is not always possible, some Texas courts are willing to seal certain kinds of documents, which means that only the judges and the parties involved will have access to them. Using mediation or the collaborative divorce process is also one of the best ways to keep financial information private during divorce, as unlike in-court divorce proceedings, the conversations that take place in these negotiations are completely confidential.

In-Depth Planning

One of the best ways to ensure that your divorce goes as smoothly as possible is to begin planning as early in the process as possible. This includes not only making a list of assets and debts, but also collecting detailed accounts of childcare and household-related expenses, as this information could prove critical during negotiations regarding child support and alimony, but also consulting with and retaining a high asset divorce attorney who has the experience and resources to aggressively protect and represent your interests. Creating a budget, evaluating expenses, and ensuring that you have a safety net are also strongly encouraged when preparing for a divorce. Finally, although it is often one of the most difficult aspects of dissolving a marriage, divorcing parties should begin planning how and when they will explain the divorce to their children.

Contact an Experienced Georgetown High Asset Divorce Lawyer

To speak with an experienced Georgetown high asset divorce attorney about your own impending divorce, please contact Powers and Kerr, PLLC. A member of our legal team is standing by to help you through every step of your case.

Sources:

https://www.huffingtonpost.com/gobankingrates/40-secrets-only-divorce-a_b_8602766.html

https://www.cbsnews.com/news/divorce-tips-for-financial-security/