Preparing for a High Asset Divorce
Feb 13 2017 - Posted by On Behalf of the Lincoln Law Firm, PPLC, in High Asset Divorce, Tagged in high asset divorce
Divorces are rarely pleasant experiences, and the level of animosity rises when there is a great deal of money at stake. That is why certain preparations need to be made to ensure you get your share from the divorce proceedings. Sift through the records of your marriage, such as photos, receipts and other assets you own. If you have made any expensive purchases, make sure you carry the full documents relating to the buy. Keep a file containing wills, trusts, bank statements, loan details etc. and place it in a safe location.
Keep track of all the costs that go into the divorce proceedings, such as hiring a high-asset divorce attorney. Keep an eye out for any tactics your spouse may use to hide assets. Valuable property may be claimed to be ‘lost’ or ‘misplaced’, but this is likely a ploy conceived as an effort to keep you from laying claim to the property. You deserve to receive your share from the divorce, so don’t pass up a particular asset during the asset division process just because you don’t like it. The asset can always be sold later for a profit. It’s better to think in terms of finance, not sentiment.
Make sure you understand the terms of any prenuptial agreement you may have drawn, and what it says about spousal support. Don’t become too attached to a particular home, car or any other asset that may ultimately be sold off during the divorce proceedings and the money split up between you and your spouse. Accept the fact that there are going to be significant changes to your lifestyle because of the divorce. Couples getting a divorce who have children need to sit down with them and explain the entire legal process that they are to be subjected to for the next few months.
If your spouse has a bad habit, you need to be aware of it. The habit might have resulted in heavy debt, which you might find yourself dealing with. It would be a good idea to get a full credit report of your spouse’s just to make sure there are no unpleasant surprises lurking. If you are the breadwinner of the family, you will most likely be the one who has to pay alimony, in the form of a lump sum or regular checks. Thus, don’t go into the divorce with ideas of keeping all your money separate from your spouse. The job of the court is to make sure there is an equitable distribution of property, and that means you will face some form of loss, financial or otherwise.
