A high-asset divorce can be hard fought. Although you may be inclined to try to avoid that conflict, doing so could leave you in a less advantageous position as you move into your post-divorce life. So, as you figure out how to navigate your high-asset divorce, you need to consider key legal issues. By doing so, you can take a comprehensive and aggressive approach to your divorce, thereby ensuring that you maximize your ability to secure the outcome that you want and deserve.
Thoroughly consider these issues in your high-asset divorce
There’s a lot to think about as you navigate the high-asset divorce process. But if you have a significant amount of wealth, then there are certain areas where you’ll want to pay particularly close attention. This includes each of the following:
- Searching for hidden assets: If you have a significant number of assets, then you might find it hard to keep track of them all, especially when you’re trying to navigate your divorce. That said, you’ll want to take the time necessary to look for any assets that may be hidden from the marital dissolution process. After all, far too often spouses try to retitle assets in the name of a family member, sell assets for cash, or stock up money in a new account to keep those assets for themselves post-divorce.
- Analyzing inheritances: An inheritance can be quite valuable. Although that may be a good thing for you in your post-divorce life, an inheritance can complicate your divorce. This is because there is often a question of whether the inheritance is properly deemed separate property, thus falling outside of the property division process, or if it’s been converted into a marital asset that needs to be equitably divided.
- Obtaining proper valuations: You probably have assets whose financial worth isn’t immediately ascertainable. Jewelry, houses, and businesses are perfect examples. You and your spouse might assign differing values to these assets, which can make it difficult to divide them in a fair fashion. To avoid this from happening, seek out professional valuation services. Although you and your spouse may disagree on what valuation methods to use, at least you’ll have your say in the appropriate way to gauge the worth of these assets.
- Calculating alimony: Spousal support can be a major sticking point in a high-asset divorce. When a court determines whether an alimony award is appropriate, it will consider whether financial support is necessary to ensure that the lower earning spouse is capable of being stable while they focus on becoming self-sufficient. In calculating a spousal support payment, the court will analyze a host of factors, including the length of the marriage, each party’s earnings capacity, sacrifices made during the marriage, and even each party’s mental and physical health.
- Scrutinizing a pre-nuptial agreement: Many high-asset divorces are subject to a prenuptial agreement. Even though this document might seem iron clad when it’s created, there can be issues with it that threaten its validity. If a prenuptial agreement is deemed unenforceable, then you won’t be bound by its terms.
Develop the right strategy for your high-asset divorce
There’s not just one approach to your high-asset divorce. Instead, the avenue that you take to navigate your marriage dissolution is going to depend on the facts at hand and what you hope to get out of your divorce.
But regardless of the strategy you implement, it needs to be fully developed before heading into divorce negotiations. Failing to do fully craft your legal strategy puts you at significant risk of a poor outcome. With that in mind, now is the time to dive into your divorce, embrace the process, and focus on achieving the best results possible under the circumstances.