Filing for any divorce can be challenging, but the process can be tiresome and acrimonious when it comes to a high-asset divorce. Frequent disparities and misunderstandings are usual when a lot of money is involved. To avoid these disparities and misunderstandings, partners should remain organized and pay attention to every detail. Below are the key things to consider when undertaking a high-asset divorce case.
Identifying and organizing assets
Identifying and organizing assets is the biggest challenge when undertaking a high assets divorce since the assets are many and have increased in value. Separating the assets should be done according to the time they were acquired, and those acquired before marriage should be separated from those obtained after marriage. The process is much easier for couples who have signed a prenuptial contract as it applies the property rights.
Special evaluation of assets is essential in any complicated divorce case, especially where many assets are in question. Asset evaluation is necessary for personally owned assets and businesses. Evaluation is based on accounts receivable, debts, goodwill, and annual statements. Retirement accounts, stocks, profits, investments, and intellectual properties are assets that require special evaluation. To undergo the process, you will need the services of an expert.
Everybody is used to a certain standard of living which become a concern after divorce in terms of sustaining the high standard of living. It is essential to consider your future need, like child support, retirement plans, and potentially spousal support.
Assistance from an experienced divorce lawyer
Finding a reasonable family attorney like an Ohio high-asset divorce attorney is essential to ensure you receive the best financial outcome and use the least amount of money in the long run. A reasonable and experienced attorney will provide the best and most fair outcome for the divorce case. Other than an attorney, there are other professionals that you can consider consulting.
Consider alternatives to litigation.
Litigation involves having a public record of divorce in the family court. Alternatives like mediation or collaborative divorce are more efficient and private. These alternatives will help you avoid leaving some critical decisions in the hands of a judge, which may have adverse effects after. Alternative dispute resolutions can be faster and less costly compared to litigation. The alternatives also give the involved parties a chance to reach an agreement that is satisfactory to both parties.
Close all joint accounts and remain civil
After a divorce, both the partners will go on their ways, and they can longer use joint accounts; hence they will have to close them and share the funds fairly. If you cannot communicate with your ex in a respectful and productive lawyer, use the written correspondence or ask for help from your attorney.
While undergoing a high asset divorce, keep a low profile and off the public face. High assets divorces are hard to navigate due to complicated financial decisions and substantial assets. High asset divorce differs from typical divorce as it involves asset evaluation and division.