While all divorces are potentially difficult and complex, couples with a high net worth have particular considerations they must address. Financial decisions are often the source of intense conflict among divorcing couples, and when there are significant assets at stake, these conflicts can quickly escalate.
Not all high-asset divorces have to be conflictual, however. There are several steps you can take to help your divorce move in a direction that strives for shared solutions and a secure financial future.
Get a clear picture of your marital asset portfolio
It can commonly happen that spouses who have significant marital assets are not equally aware of the extent of their holdings or the details about their financial situation. If you are in a situation in which you do not have complete and detailed information about all the financial holdings currently existing in your marital asset portfolio, begin taking steps now to document your financial situation.
There are several ways you can do this. One is to hire a financial expert to help you document your marital assets. Another is to begin physically documenting your assets through bank statements, images of household items, sales receipts and any other documentation you can find. You should have a comprehensive picture of your marital finances, including tax returns, loan documents and any other financial documents that apply to your marital financial situation. Having documentation can help your family law attorney ensure you receive equitable treatment from a financial perspective during your divorce process.
Document any suspicions of hidden assets
Sometimes a spouse may hide assets in an attempt to exclude them from equitable division during divorce proceedings. If you suspect your spouse may be concealing some of your marital assets, you need to express these concerns to your family law attorney immediately. There are financial professionals, such as forensic accountants, who can help locate hidden assets. Telltale signs of hidden assets include closed bank accounts, transferring assets into your children’s names, underreporting taxes and deferring promotions or bonuses until after the divorce.
High-asset divorces may bring many complex challenges. However, with the right preparation and a family law attorney experienced with helping clients with extensive assets, you can move through your divorce strategically and survive your divorce with a financially secure future.
