You have always been proud of your businesses, and between you and your spouse, you’ve brought in millions of dollars. Together, you’re worth millions, but now that you want to get a divorce, you need to know that you’ll be able to get your fair share.
Divorce is emotional and difficult to deal with for many people, and when money is added into the mix, it can quickly become contentious. Acting irrationally by hiding assets or fighting over minor details is not the best way to handle a divorce. Instead, it’s wise to start making educated decisions and negotiations.
As business owners, you know the value of good financial decisions. The same applies during a divorce. It’s necessary to take the emotion out of the divorce and to focus on the assets you need moving forward. That may mean having your business valuated or hiring someone to give you the value of machinery or artwork in your home. You need to define what you have before you can determine how to split it up.
Another thing to remember is that if you have retirement accounts, stocks or life insurance policies, those may also need to be divided in divorce. Each of these assets may have a high value, so it’s important not to forget about them when you start to negotiate for different assets in your separation agreement and settlement.
Your attorney can help you make sure you find as many of your assets as possible before you begin to negotiate. Having all the assets listed will help you make better decisions.
Source: Forbes, “Getting The Most From A High-Dollar Divorce,” Russ Alan Prince, accessed July 07, 2017
