The finance and asset division issues in divorce or separation fall along a continuum from easy-to-handle to very complicated processes. Some couples have complicated assets such as stock voting rights, stock options, closely-held business interests, assets held in a trust, deferred compensation, real estate partnerships, and more. Divorce cases involving such couples can be very complicated. Here are tips for people going through a high-asset divorce case.
Seek the help of a lawyer
The main reason you need a lawyer from a reputable high asset divorce law firm to ensure that you have the right legal counsel. Once a divorce case is litigated, a significant amount of fees and costs is incurred in establishing the value of assets in accordance with the relevant statutes and case law. Also, the process of determining the equitable factors the court should consider during property division.
In a settlement process such as mediation, negotiation, or collaborative divorce, experienced lawyers can draft a good agreement much less expensively. No matter how complicated or straightforward your divorce case is, hire a lawyer to ensure that you take the right steps.
It is recommended to maintain a positive relationship with your partner during the divorce process. Sure, you might be angry, but you should never let the desire for revenge consume you. Staying calm and collaborating with your spouse in some matters can help streamline the divorce process significantly.
Be careful with what you say or do from the moment you discuss the possibility of a divorce with your partner. This is because it can be very hard to regain trust once it has been ruined. But seeking solutions that address the common interests that focus on the benefits for third parties will also help to build and preserve trust.
Ensure your expectations are realistic
If you’re the spouse who was earning a higher income and you believe that it is your income that generated much of the assets, it is possible to feel that you should be entitled to a larger amount of the assets. The other economically-dependent spouse may not want to assume any risk in relation to the assets they take from the marriage.
Combine estate planning with the divorce settlement
If you have been in a long term marriage, it is recommended to do estate planning in conjunction with the process of resolving other financial issues in your separation or divorce. Planning for kids, charitable giving, and other important issues should be handled during this period.
The value, complexity, and other issues associated with high asset divorce cases necessitate the services of an experienced lawyer. A lot of accurately prepared paperwork, documents that need to be analyzed, and relevant laws to consider are some of the issues that you might handle successfully. Remember, some mistakes during divorce have lifelong effects, and the last thing you want is committing such mistakes. So,