No one plans for a marriage to fail, but sometimes irreconcilable differences between spouses cannot be resolved. For couples who have a high income, the situation may be more complicated. Divorces can already feature expenses and complications, and if you have multiple assets it can be difficult to come to an agreement on how assets will be divided. If you need legal guidance with a divorce, an experienced high-net-worth divorce lawyer like one from Robin & Hadeed will be able to give you personalized guidance.
Any errors made during a divorce can cause time-consuming delays, and the last thing you want to deal with is a divorce that is longer than necessary. To avoid such critical mistakes, here are tips to keep in mind if you are involved in a high-net-worth divorce.
List All of Your Assets
If you are hesitant about listing specific assets, make sure to list them anyway. It is a requirement to list all of the assets you have acquired, both before and during marriage. Not disclosing certain assets can put you in legal trouble.
In a divorce, assets are divided as either separate property or community property. Assets that a person owned prior to getting married are considered separate property, while assets obtained during marriage are community property. If an asset is labeled as community property, it may be divided between the spouses. If you are not sure what category an asset falls under, contact a divorce lawyer and they will be able to help you.
Value Your Asset Properly
After you have identified all of your assets, you can get an accurate value for each one.
To value your assets, a lawyer will have a third party go through the valuation process. They will compare your assets to accurately determine their current market value. If you and your spouse do not agree on the value assigned, you may have to resolve the dispute in court.
Contact a Top Divorce Lawyer
Divorces where multiple high-value assets are involved can escalate quickly, especially if both spouses have opposing positions for how they want their property to be divided. Things can get messy and it can be difficult to focus on the objective goals. Taking the right steps in a divorce will help the process go much more smoothly. Getting things right the first down will keep costs low and prevent delays. Schedule a consultation with a trusted divorce lawyer so that you can finalize your high-net-worth divorce properly.