Today’s skyrocketing property values mean that more couples than ever are falling into the category of “high net worth” or “high asset” divorce.
These divorces come with their own unique set of challenges due to the value of marital assets as well as their complexity. Taking the following steps to prepare for your high-asset divorce can help ensure a smoother process and leave you feeling more confident about your future.
Try to Relax
You have a lot of money on the line and you may want to spend hours screaming at your soon-to-be ex, but remaining calm is important. It will be crucial for you to be realistic about the process ahead and be patient as you approach the next phase of your life.
Make a List of Your Property
You can make one list of all your property, including real estate, bank accounts, investment accounts, retirement accounts, art, vehicles, household furnishings and more. Your attorney will be able to identify what property is separate property and what property is marital property. This will be a crucial factor when property is divided in your divorce.
Hire an Attorney With High Asset Divorce Experience
Not all family law attorneys have the skills, knowledge and resources necessary to tackle these cases. It is crucial to make sure your attorney has experience identifying, valuing, and dividing financial assets such as real estate, retirement accounts, executive compensation, professional practices, and family owned businesses.