High asset divorces are considered complex because of the many potential problems that could derail proceedings. Many of the joint assets accumulated during a marriage can become shared headaches to divide up after the relationship sours. The more assets you share, the more roadblocks you may encounter on the way to severing your legal entanglement. Separating finances is a huge undertaking when the assets are in the seven-figure range. Additionally, because the assets and liquidity are shared, if the legal questions surrounding ownership and direct management over real estate, bank accounts, and other valuables.
3 Tips for Avoiding Common High Asset Divorce Roadblocks
While handling the issues in a high asset divorce will not be quick, you can certainly speed things along by avoiding common pitfalls. Joint accounts, shared property, and current monthly spending habits are all details and specifics you will want to keep track of to expedite the forensic accounting process. There are a few ways you can prepare for your impending divorce that could speed up one of the more significantly laborious parts of complex divorce cases.
- Start Tracking Down Assets: High asset divorces often have various types of property that must be accessed. Depending on the length of the marriage, it can be difficult to remember every piece of valuable property you’ve accumulated over the years. You also may not be aware of the property that has appreciated in value. Do yourself a favor and start itemizing your property. This will save time and headaches. You may have real estate holding in several states or counties, and if you have property that is not included in the marital assets, be ready with proof of separation for those items. If you know some assets should be in the accounting, but you cannot find them – now is the time to start searching for hidden assets.
- Secure Appraisals and Valuations: If you share a business or valuable collection that must be liquidated, it’s important to begin the valuation and appraisal process. Some properties will be easier to determine the value for than others, but starting the process early will ensure you have time should certain assets require multiple valuations. Unique collections and business interests may take longer to appraise and require specialized evaluation.
- Itemize Expenses and Obligations: Spousal maintenance negotiations can be fraught. The high-income earning spouse may not feel it is their responsibility to pay for certain obligations or items to maintain the current standard of living. So, be prepared for the discussion by providing documented and itemized expenses noting why they are essential. Conversely, if you are the higher-earning spouse, you should prepare by bringing reasonable expectations regarding what you think is fair and why. The lower-income spouse has an expectation of maintaining their lifestyle, but that point is negotiable.
Both parties' goal in a divorce settlement is to get their fair share of the marital assets. You may want to speak to an experienced attorney for guidance about how to expedite spousal maintenance negotiations, financial discovery, and asset valuations so you can move on with your life.
At Cairns Law Offices, we specialize in no-fault divorces for only $249. If the idea of a low-cost, amicable divorce appeals to you, contact us today to get started! Call us today at (888) 863-9115 to schedule a consultation.