Michael E. Golub, P.A.

Preparing for a high-asset divorce? Consider this first

One piece of advice many Tavares high-value couples should keep in mind when discussing the topic of divorce is to be cautious. If you are part of a high-value marriage and thinking about leaving your partner, it is best for you to prepare first.

Divorce planning can keep you from making critical mistakes and ending up with a divorce settlement that is more beneficial to your ex-partner than to yourself. Here are a few pointers to keep your high-net-worth divorce on track. 

Educate yourself 

The more you know about divorce and factors the courts use to distribute marital assets, the lower your risk of making uninformed decisions. You might believe the stories and advice from your friends will guide you through the process. Regardless of how similar someone’s divorce story may seem to yours, it is not the same. Each divorce is unique. Comparing your situation to others could cause you to overlook key factors in your own and miss potential benefits. 

Investigate marital finances 

You should start gathering copies of all shared accounts and assets. Take a full inventory of them so you can get them appraised and learn their real value. The more documentation and receipts you have to substantiate your right to ownership, the easier it will be for the courts to divide your marital assets. Also, explore the possibility that your spouse is hiding assets such as financial accounts. 

There is nothing wrong with expecting your soon-to-be ex-partner to be truthful. However, people often change when there is a risk of losing assets and wealth they feel entitled to. You might want to hire a forensic accountant to identify all sources of income, assets and liabilities.

You have a right to feel the way you do about the situation, but letting your feelings overrule your senses and making hasty decisions can cause you to get the poor end of the settlement. For better results, treat your divorce as a business transaction. 

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