The costs of divorce and getting what you need out of your assets

A divorce can be a very expensive endeavor, which is why you should aim to get the most you can out of it. While emotions can come into play, it's important to look at divorce as a business transaction. If your divorce is one that centers around millions of dollars or more, you're in a position to lose or gain an immense amount of money.

How can you help yourself get what you deserve? Start by working with your attorney and valuation expert to identify and collect information on your assets. You'll need an accurate assessment of your holdings before you or the court can divide the property.

What are some things that might get overlooked if you don't work with people who know which assets to look for? Life insurance is one. It's normal not to think of this as an asset, but it is and should be fairly accounted for in your divorce. Your life insurance plan, or the plan your partner has, may be highly valuable and worth considering in your negotiations.

Of course, one of the most important things to look at during your divorce is your lifestyle and how much it costs to uphold it. For instance, if you are not a high earner and your spouse is, leaving without a buffer could mean you have to change your lifestyle significantly to live comfortably.

It's in your best interest to work out a settlement that allows you to live in similar circumstances as you do now, and the right negotiating tactics can help your case.

Source: Forbes, "Getting the Most From a High-Dollar Divorce," Russ Alan Prince, accessed Aug. 19, 2016

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