Preparation is the key for a high-asset divorce

On Behalf of | Aug 2, 2017 | Uncategorized | 0 comments

The assets that you have worked hard to acquire with your spouse can become a source of contention if you end up going through a divorce. There are several things that you should know if you are planning on leaving your husband. These are critical, especially if you have considerable assets.

Many high-asset divorces are challenging because of the number and diversity of assets that you have. If you are planning on filing for divorce, here are some pointers for you to consider before you take that step:

Get the records for the assets

Get a copy of all financial records. These can often help determine if your ex is being forthcoming about the assets that he has control over. You should also grab copies of documents related to assets. All of these can help you feel better prepared and more organized.

Some of the documents you should consider obtaining copies of include bank statements, deeds, titles, investment account statements, insurance policies, retirement account statements and anything else that has to do with assets. The more you can get, the better your case might fare.

If there is a business that will be included in the divorce, you need to get copies of the business’ records. Some people try to hide business income or assets, but if you have these documents, it might be more difficult for them to do so.

Know what liabilities are included

When you are in the midst of a high-asset divorce, you will likely find that there are liabilities or debts that have to be divided. You should try to get copies of any liabilities that will be included here. Credit card statements, mortgage documents, car loan statements and similar documents can help.

These debts are often used to balance out the asset division. You have to remember that all joint debts are likely going to be the responsibility of you and your ex in the eyes of the creditor. This is true even if the court divides the debts. If possible, you should try to get all of these paid off by using the assets of the marriage so that you aren’t held accountable if your ex opts not to pay on an account he is responsible for.

There are some divorces cases that stem from domestic violence. In these cases, you might not be able to safely get these documents. Don’t fret if that is the case. Your safety is more important. You can still work on getting a settlement that might set you up as you start your new single life.