A high-asset divorce is often more complicated than other divorces due to the sheer amount of money and property involved. With so much at stake, it’s not uncommon for couples to fight tooth and nail over who gets what. Couples who are going through such an ordeal can find themselves feeling overwhelmed and confused. But there are ways to ensure everyone gets the settlement they deserve without resorting to costly legal battles.
Here are tips for getting a fair settlement.
Know Your Legal Rights Under State Law
Make sure you know your rights under state law regarding high asset divorce proceedings. Every state has its own laws regarding property division during divorce (e.g., community property vs equitable distribution), and it pays off to familiarize yourself with them before signing any documents or agreements with your ex-spouse or their attorney(s). Knowing this information will help you negotiate from an informed position, which increases your chances of getting a favorable outcome.
Seek Professional Advice From Experienced Experts
Divorcing couples with substantial assets, such as closely-held business interests, trust funds, stock options, real estate partnerships, and retirement accounts, should seek professional advice. You should consult with qualified attorneys or financial experts before entering into any negotiations or agreements with your spouse. The guidance these professionals provide can be invaluable when it comes to ensuring that both parties receive their fair share of marital assets and debts. It can also help reduce stress levels for both sides by providing impartial counsel during complex negotiations.
Gather All Financial Records and Documents
When it comes to high-asset divorces, documentation is key. Make sure all financial documents related to your marital assets are organized and easily accessible so that both parties have a clear understanding of the situation. This includes bank statements, credit card bills, retirement accounts, real estate documents, tax returns, loan applications, and other paperwork. These documents must be up-to-date to accurately reflect your current financial situation.
Do an Accurate Appraisal of All Your Valuable Assets
Appraising all real estate property and any high-valuable assets that will be part of the divorce settlement is vital. Hiring a qualified appraiser is important because it ensures that both parties in the divorce get a fair share of the marital assets. This should be based on their current market values rather than relying on estimates or assumptions made by either party or their attorneys. Accurate appraisals are often combined with financial disclosure documents to come to a fair settlement.
Consider Selling-off Any Joint Investments or Assets
Before finalizing the divorce settlement, it makes sense financially for both parties to sell off any joint assets or investments. This can simplify asset division by providing each party with cash from the sale rather than having to split ownership of the asset between them directly. Splitting ownership could lead to further complications down the line if one party wants out, but there isn’t another interested buyer willing to purchase their share of ownership outright.
Work Out an Agreement Regarding Spousal Support Payments
Ensure you agree on spousal support payments before deciding the division of assets and property. This ensures both parties have enough financial resources to live comfortably within their means post-divorce. It’s a good idea to hire a financial advisor or lawyer to help you understand the various aspects of spousal support payments and determine how much is required. In some cases, alimony may not be necessary. If both parties are on an equal footing financially, then there’s no need for spousal support payments.
Negotiate Before Going to Court
If possible, try to negotiate with your ex before taking your case to court. If the negotiations become too heated for both of you to handle on your own, consider hiring an experienced mediator or arbitrator. An experienced mediator or arbitrator can offer valuable guidance throughout the negotiation process. They help keep things on track toward achieving a fair settlement for both sides without having to go through expensive litigation proceedings.
Cooperate With Your Spouse During the Divorce Process
Finally, one of the most underrated pieces of advice for getting a fair settlement in a high-asset divorce is cooperating with your spouse during the divorce process. This means that instead of stonewalling or defying your spouse’s wishes, you should attempt to work out an arrangement that benefits both parties. Although it may be difficult to do so under the circumstances, maintain an open mind and communicate with your spouse to benefit everyone.
You Can Reach an Amicable Resolution Quickly
Divorces involving high-value assets are often complicated and emotionally charged affairs that can easily spiral out of control if not handled correctly from the outset. By following these tips, couples can find a resolution quickly and amicably instead of spending years and thousands of dollars fighting over who gets what. With professional advice and sober negotiations, you can save time and money in the long run.
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