Divorce often brings emotional and financial pressure that can be difficult to escape. And if you’re in a high-asset divorce, then the uncertainty you feel can be even more crushing. But you don’t have to enter your marriage dissolution blind. Instead, you can develop a strong legal strategy that protects your short and long-term financial interests. This, in turn, should ease at least some of the emotional strain that you experience, thereby giving you a strong starting point for the next chapter of your life.
That said, we know it can be difficult to think about legal strategies and statutory application when you’re knee-deep in the weeds of your divorce, especially if your marriage’s ending is taking an emotional toll. That’s why in the remainder of this post we want to look at some steps you can take now to protect yourself in a high-asset divorce. Hopefully by taking them, you’ll position yourself for the post-divorce life that you want.
Take these steps to protect your interest in a high-asset divorce
There’s certainly a lot to think about when you’re in the midst of divorce. But as you navigate the process, you should be sure to consider doing the following in hopes of protecting your financial interests:
- Identify all assets: You won’t know what’s in play in your divorce until you identify all assets that could be included in the marital estate. So, conduct an inventory that will keep you informed and give you direction as to which assets you really need to focus on in your marriage dissolution.
- Secure proper valuations: In many high-asset divorces, there are several assets that are hard to put a price on. A family business, heirloom jewelry, artwork and even antique furniture can all be quite valuable, so you’ll want to ensure that you get the most out of it. Fortunately, you can turn to skilled professionals to help you give you an accurate determination as to these assets’ worth. This information will give you a sense of how to develop your legal strategy to protect your financial interests.
- Evaluate marital debts: Although a lot of the focus in your high-asset divorce is going to be on asset division, you can’t overlook the importance of dealing with marital debt. If you end up stuck with more than your fair share of outstanding financial obligations, then you could face more financial uncertainty than you’re comfortable with moving into the next chapter of your life. Don’t let that happen. Instead, thoroughly evaluate your marital debt and how you can fairly divide it in a way that protects your interests.
- Be ready for an alimony fight: Spousal support is almost always a focus in high-asset divorces. When this issue is litigated, the court will try to position each spouse so that they can enjoy the marital standard of living once the marriage is dissolved. Therefore, evidence of the marital standard of living, each spouse’s sacrifices made during the marriage and the financial resources of each party will be taken into consideration. Make sure you have evidence to speak as to these issues if you want to properly address spousal support.
Act now to build a high-asset divorce legal strategy that protects your financial interests
You don’t want to procrastinate and improvise when building your divorce legal strategy, as doing so will likely set you up for a poor outcome that you’d otherwise want to avoid. So, be thoughtful, diligent and comprehensive when crafting your legal arguments. Although the steps mentioned above may be helpful, there’s a lot more that goes into developing a successful high-asset divorce. So, if you have lingering questions about the process or what you can do to be successful, then now is the time to seek out any guidance that you may need.