At face value, you might not think there’s that much of a difference between “normal” and high asset divorce. After all, it’s just about splitting things up properly, right? In reality, divorcing with high assets can make the process a lot more complicated…
High Asset Divorce: Key Considerations
Organize all assets
High asset divorce, as the name implies, involves handling more expensive assets in higher quantities than “normal” divorce. This means that on top of the usual property and cars, you might have to consider businesses, stock options, investments, etc. Combine this with more finances and accounts to review, and things can quickly turn into a headache.
However, it’s important to organize all of your assets. Missing an asset could come back to hurt you if your spouse thinks you’re trying to hide it from them. Take your time and look for additional help to make sure you have all of your assets and finances in order for the divorce.
Consider future needs
Everyone is used to a certain standard of living before their divorce. However, this could change post-divorce depending on the outcome. With a high asset divorce, these monetary impacts could be much more higher than in a “normal” divorce.
That’s why it’s important to consider potential future needs. For example, this could be spousal or child support, or retirement plans. Try to plan ahead for what your needs may be and develop a budget that keeps them in mind.
Keep things private
Divorce inherently is a private matter. However, sometimes people give out a bit too much information on social media or other means. With a high asset divorce, what you talk about could end up having some pretty big impacts on your divorce.
Instead, you should take extra precautions to keep things private. Keep a low profile and don’t give away a lot of information or thoughts about your divorce. This is especially true for social media. Watch what you say or post on there, especially about your spouse!
High asset divorce is tricky, but still doable. The stakes can be higher, but if you and your spouse work together and keep things civil, you’ll come out with an outcome that works for you both.