The Importance of Documenting Your Marital Assets During Divorce

 Posted on April 17, 2019 in High Asset Divorce

Finance-related issues are often the biggest source of conflict amongst divorcing couples, something that is especially true for couples with a high net worth who own unique, significant, rare, or particularly valuable assets. In these cases, conflicts can quickly escalate, derailing negotiations and resulting in months or even years of litigation. Fortunately, high asset divorces don’t have to be accompanied by conflict and disagreement, as there are a number of important steps that couples can take to help their divorce move towards amicable relations and a secure financial future for both parties. For help ensuring that your own divorce goes as smoothly as possible, it is critical to speak with an experienced high asset divorce lawyer who can advise and assist you.

Obtaining a Clear Picture of Your Asset Portfolio

While many married couples have an equal say in financial decision making, it is also not uncommon for one spouse to be more involved in overseeing the family’s financial holdings than the other. Unfortunately, this can leave the non-involved spouse at a disadvantage if a couple later decides to obtain a divorce. For this reason, spouses who are considering filing for divorce are strongly encouraged to begin taking steps now to document their financial situation by collecting copies of bank statements, loan documents, tax returns, invoices, and receipts.

Hiring a financial expert can be crucial to the success of this endeavor, as can retaining an experienced family law attorney who can ensure that the parties receive equitable treatment during the property division process.

Keep an Eye Out for Hidden Assets

It is much more common, when significant assets are involved, for one spouse to try and hide assets from the other during divorce. Although unlawful, this type of conduct occurs at an alarming rate and can leave one spouse with an inequitable portion of marital assets upon dissolution of the marriage. To avoid this, divorcing couples should keep an eye out for evidence that a spouse is trying to conceal marital assets. Telltale signs of an attempt to hide assets include unexpectedly closing bank accounts, transferring assets into other family member’s names, deferring promotions or bonuses until after a divorce is finalized, and underreporting income on one’s taxes. Financial professionals, such as forensic accountants, are specifically trained to uncover this type of unethical conduct.

Contact Our High Asset Divorce Legal Team Today

High asset divorces come with a number of complex challenges, making it especially important for those who have extensive assets and are considering divorce, to consult with an experienced Round Rock high asset divorce lawyer who can help them move through their divorce in a strategic manner. Please contact Powers and Kerr, PLLC at 512-610-6199 today to learn more about how we can help.

Source:

https://www.huffpost.com/entry/40-secrets-only-divorce-a_n_8602766