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Top 7 Tips for High Asset Divorce

Top 7 Tips for High Asset Divorce

Top 7 Tips for High Asset Divorce

Divorces are never the easiest things to do. It could get further messier when unpleasant details and procedures drag out in the open and it erupts into a long, public battle. High asset divorce as the name implies differs from the ordinary divorce based on the high amount and value of assets owned by wither both or one partner of the broken marriage.

Completing a high asset divorce can be quite difficult even despite the high emotional traumas being experienced and many roadblocks can exist from tracing marital and pre-marital assets, asset contention and voluminous paperwork. If you find yourself a party of a high asset divorce, here are a few things you should consider:

1. Organize your assets

A good place to start would be to organize and categorize your assets. It is best to try to put all forms of mischief behind so strike out every thought of transferring ownership, shuffling, devaluing, hiding or liquefaction of assets just to ensure that you don’t lose it. Keep your credibility and integrity as there is a high risk that these moves would be later discovered especially if your spouse is hiring a forensic accountant just as you’ve done.

Creating an asset inventory will help you list your assets and you can evaluate this list with the aid of your divorce attorney to give a foresight of what certain assets and finances could look like at the end of the divorce. This would further help in the case where a pre-marital or pre-nuptial arrangement had earlier been struck.

2. Look through the finances

Whether you are at the serving end or receiving end of the divorce papers, a key way to staying afloat the process is to try to be as clear headed and as least emotionally attached as possible. Most people just want the divorce process to sail through and pay little details to the assets and money, but come to realise a little too late that they should have paid attention to the money.

Ensure that you have your family law practice in Winter Park look at the assets well and know what you are willing to let go and what you will want to take hold of. Although it can be tough, you will be happier at the end of the divorce if you saw the process out more as business settlement that if you were guilt tripped into allowing sentimentality take over.

3. Factor in other cost

Once you have an asset inventory, revaluate the worth of each asset post-tax and settlements. A common error made in divorces is that the present value of an asset is usually evaluated in the stead of the post-tax value. For instance, you might think that an estate is your biggest asset but after tax deductions, it may be worth less than your business and companies.

Other costs in settlements should also be weighed in and accurate. Inflation rates should be calculated to give a perspective of the worth of an asset or money in years to come in the case of alimony, child care and school fees. In general, be certain to evaluate any factors and their long-term effects in the settlement with your family law practice in Winter Park.

4. Close joint accounts

If you and your spouse currently have joint accounts, it is in the best interest of both of you that such accounts are closed. This will prevent any of either spouse maxing out credit cards and make withdrawals that will empty the accounts. In the case of joint businesses, ensure that the board and employees are notified especially if any drastic concession of your share of the business is going to occur. Seek the help of a family law practice in Winter Park.

5. Keep divorce related matters private and be wary of social media

For you to be going through a high asset divorce, chances are you’re quite the public figure or just have a very huge fan base. In the interest of both you and your spouse, it is better if you kept court proceedings private. If you are not so particular about having all your clean and dirty linen of asset and financial information spread out in public, you can request that your family law practice in Winter Park help you maintain privacy of some sort by requesting the documents be sealed and only the involved parties are opportune to peruse these documents.

Another noteworthy detail is that a divorcee be worried about is the information they post on social media. To prevent any details being misinterpreted and used against one, it is best to keep twitter and Instagram at bay.

6. Consider Mediation

Perhaps the biggest mistake people make till date is their unwillingness to discuss and mediate the divorce terms before court appearance. If you have a willing and reasonable partner, be sure to sit down and talk things over in the presence of a mediator. Mediation not only saves a significant amount of money that goes to legal fees, it also shortens the emotional dilemma that might result from back and forth court battles on assets. Both spouse must be willing to compromise and do away with overzealousness while respecting each other’s wishes where possible.

7. Employ a Professional

If you catch wind that your partner is making moves to serve divorce or whether it’s you that is about to put someone on the receiving end, moving swiftly is one way that you can never go wrong. It is also easier to evaluate assets and finances when you and your spouse are still together. Be sure to seek the professional council of a qualified divorce attorney from a reputable family law practice in Winter Park to help you smoothen out the details of the divorce and use a financial planner and forensic accountant to help find out all the money and ensue that the asset inventory is right. Ensure that you are not picking the meanest attorney in the city to punish your spouse and find the right lawyer just for you as no two divorce cases are the same and thus, there is no generic cases in a divorce.