Divorces are hard for anyone, but when thousands, hundreds of thousands, millions or even billions of dollars in assets are at risk, your divorce is of particular importance to you. Splitting your assets isn’t just about maintaining your standard of living, it’s about keeping what you worked hard for.
With a high-asset divorce, it’s important to work with a legal professional, because there are many documents that have to be produced. An accountant may be necessary to show how much investments have grown or to prove how much you earn each year. If you have a prenuptial or postnuptial agreement, it will help you show how you and your partner decided to split your assets. If not, then it’s time to work together to decide on an outcome you can both live with.
Here are a few tips to getting through your high-asset divorce. First, don’t hide any of your assets. Hiding assets is a terrible idea for a few reasons. First, if they’re found, they’re still going to be split. If they’re not found but your spouse believes you have them, he or she may seek out additional help to find those assets. In the case that the court finds out you hid assets, you’ll lose all your credibility before the judge. That does nothing but hurt your case.
Second, don’t think that you have to agree to anything, though, just because you have many shared assets. If you have inheritances or assets you brought into your marriage, then that could be separate property that you keep.
Lastly, Don’t make bad financial decisions just to cover up your guilt about an affair or to finalize the divorce quickly. It’s important to look at how your decisions could affect your future before you go through negotiations with your spouse and attorney.
Source: CNN iReport, “Top 10 Mistakes in High Net Worth Divorces,” Joey Battah, accessed March 10, 2017