Divorce is rarely a comfortable experience for anyone, even when the process is relatively amicable. However, one of the things that can draw out the divorce is property division. People who are of high net worth (who can easily convert $1 million into liquid assets) often have the most trouble with property division, as they often have incredibly complex financial portfolios. In order to make the process go a little faster for yourself and your spouse, it helps to be prepared in advance before you even see an attorney.
Collect Records of Your Assets
For those who aren’t the most organized, this can probably take a relatively long time. You will need documents to prove your level of income and a list of all assets, shared and separate. Shared property includes all assets acquired during the course of the marriage while separate property was usually brought into the relationship by each spouse.
Be Aware of Your Spouse’s Debts
Just as you will be splitting marital property equitably, you will also be dividing marital debts. Even if the debts were mainly acquired by one spouse, they would still be a factor in the final property division. You are only safe from your spouse’s debt if you did not hold credit cards or loans jointly. To avoid any nasty surprises, get a full credit report for both of you.
Consider Hiring a Forensic Accountant
Forensic accountants are often brought in on high-asset divorces because they are able to essentially “follow the money.” If you can’t track down every single asset you’ve managed to collect over the years, or you suspect your high-earning spouse might be hiding property, a forensic accountant can find out.
If you have more questions about high-asset divorce, or you would like to get started on your case, give our Dutchess County divorce attorneys a call. We have more than 50 years of combined experience to offer your case, and we take pride in providing a high level of personal and professional service. Let us see how we can help you.
Contact usat (845) 605-4330 or fill out our online form to schedule a free, confidential consultation with us today.