High-asset divorces are often a challenge because of the number of things that have to be split up during the property division process. When you’re going through this, you have to ensure that you’re taking the appropriate steps to protect your interests. The plan will vary from one case to another, so what worked for someone you know won’t necessarily work for your case.
There are several ways that you might be able to protect yourself, though. As you work through the divorce, you’ll be presented with options. Make sure that you don’t get stuck thinking about how to make things more difficult for your ex. Instead, consider everything based on how it can help you improve your future.
Find all property
When you’re dealing with multiple assets, you have to ensure that none are missing. This can be a challenge because you may be unaware of some of the things your ex has. Working with a forensic accountant as part of your divorce team is beneficial. These professionals are able to trace various methods to determine if there are any hidden assets. This is especially helpful if your ex was the person who handled the finances for a family run business.
Don’t forget the smaller assets
There are sometimes smaller assets, such as art collections, that go overlooked in a divorce with more complex assets. Take stock of everything that has a value. You may even need to include the furniture, jewelry, guns and electronics in the divorce if it has a considerable value. It might help you to write everything out so that you can ensure that they are being included in the process.
Include the debts
The marital debts also have to be split up. These are sometimes used to balance out the property division settlement. Remember that these accounts can sometimes come back to haunt you even if your ex is responsible for them. Creditors can hound you if your ex doesn’t pay the ones they’re ordered to pay. Not only could this cost you money, it can also impact your credit score and even lead to a collections action against you.
It is important to work with an attorney who is familiar with high-asset divorces. Make sure that you have a divorce team that knows your goals so they can help you find ways to work toward them throughout the process.