Divorce can be expensive. And we’re not talking about legal fees and court costs. We’re talking about the transfer of wealth that occurs through property division and decisions on child support and alimony. If you’re heading into a high-asset divorce, then the stakes can be even higher, threatening to strip you of the life that you’ve worked hard to build. That’s why before engaging in divorce settlement negotiations or heading into court to litigate these issues you need to develop a strong legal strategy that protects your financial interests.
Yet, figuring out the best path forward can be tricky at a time when you’re reeling from the emotional gut-punch that’s your divorce. But don’t worry. You have time to craft the persuasive legal strategy needed to position yourself for a fair and favorable outcome. So, even though you’re feeling the pressure of your divorce, don’t make any rash decisions. Instead, slow down and think about what steps you need to take to protect your short and long-term interests.
Crafting an effective high-asset divorce strategy
People always want to know what they can get out of their divorce. It’s a valid question, but the answer is always fact specific. As you prepare to address the financial aspects of your divorce, though, here are some tips that you’ll want to utilize to hopefully give yourself a leg up on your spouse:
- Inventory marital assets: All marital assets will be subjected to division in your divorce. Therefore, you need to have a realistic picture of the extent of your marital estate. This will give you a starting point to craft your negotiation and litigation strategy, and it’ll help you temper your expectations. By identifying all assets that’ll be in play, you’ll also be in a better position to anticipate what your spouse will seek during divorce, which could give you leverage going in.
- Look for hidden assets: When a significant amount of wealth is on the line, it’s tempting for a spouse to try to squirrel away certain assets for their own post-divorce use. But hiding marital assets from the property division process is a big no-no. Yet, the court will know about this egregious behavior, and you’ll be able to protect your interests only if you identify those hidden assets and bring them to the court’s attention.
- Seek proper valuations: If you have a family business, family heirlooms, artwork or other assets that have values that are difficult to calculate, then you’ll want to have an expert assess them and assign a value to them. Otherwise, you and your spouse will be dealing with your own subjective and emotional assessments of these assets, which doesn’t help anyone. Just be sure to use the proper valuation method and be prepared to counter any valuations presented by your spouse’s expert, if they choose to hire one of their own.
- Prepare for spousal support arguments: Regardless of which side of an alimony or spousal maintenance dispute you fall on, you need to be prepared to argue your position based on the evidence at hand. So, carefully consider the marital standard of living, contributions to and sacrifices made for the marriage as well as each spouse’s earnings capacity.
Fight to get the most out of your high-asset divorce
Your future financial security is on the line in a high-asset divorce. If you don’t properly prepare your legal arguments and aggressively advocate for the outcome that you want, then you could be left in an undesirable financial position when all is said and done. Fortunately, there’s a lot you can do right now to position yourself for the type of resolution you want. If you’d like to learn more about how to do that, then please continue to read our blog and the rest of our website for more information.