There’s a lot at stake in a high asset divorce. If you’re not careful in how you navigate your marriage dissolution, then you could end up missing a lot of opportunities to protect your short and long-term financial positioning, which can lead to significant money issues that haunt you for a long time to come. Although that can lead to stress about the divorce process and how it’ll turn out for you, you can use these issues to motivate you to build a strong legal strategy that protects your interests.
But figuring out how to craft an effective legal strategy in a high-asset divorce can be tricky. This is especially true if there are a lot of emotions involved in your case and if other issues are in play, like child custody. That’s why in this post we want to discuss some ideas that might help you get the most out of your high-net worth divorce.
The specific approach that you take in your case will depend on the facts at hand and the personalities involved. But here are some general strategies that you might want to consider implementing in your case to get the most out of your high-asset divorce:
- Carry out an inventory: It’s easy to miss out on marital assets when you don’t have a clear picture of the assets in play. This is a common problem in high-asset divorces where it’s easy to lose track of certain assets. By conducting a thorough inventory, though, you can rest assured that you’ll receive your fair share of the marital estate. Be sure to look for hidden assets, too, which is something that a forensic accountant may be able to assist with on the frontend of your divorce.
- Have proper evaluations conducted: If you have assets of subjective value or if their value is hard to calculate, then you should turn to a professional to give you a better idea of what they’re worth. An asset valuation can be especially helpful when a family business in on the line, but a valuation can also assist with determining the worth of artwork, jewelry and other family heirlooms.
- Find ways to let your spouse “win”: Negotiating resolution could be key to securing the outcome you want out of your divorce. But if you and your spouse can’t communicate effectively, then you might run into roadblocks, and the outcome of your divorce might be uncertain once it heads to court. If you can find issues that are unimportant to you that you can let your spouse win, then you might generate some goodwill with your spouse that causes them to cave on issues that are important to you. So, think through your negotiation strategy to see if you can identify an area of opportunity here.
You deserve a fair and favorable outcome coming out of your divorce. But you’re likely going to have to advocate for it, whether through negotiations or litigation. This will require a command of the facts, an understanding of the law and the application of effective legal strategies.
If you skimp on your divorce preparations and your legal arguments, then you’re bound to be on the losing end of your marriage dissolution. Don’t let that happen. Set to work building your legal strategy now so that you can rest assured that you’ve done everything possible to protect your interests. Hopefully then you’ll find yourself on the path to a bright and successful post-divorce future that positions you for success.