Ending a marriage is an emotionally volatile experience. Spouses are looking back at what went wrong and thinking ahead to the future.
For some couples, dissolving their marriage is a straightforward process. However, as any good divorce lawyer in Dacula, GAwill tell you, divorces involving high net worth individuals is typically more complex.
There are several issues that must be carefully negotiated during the divorce process in order to protect the financial well-being of high net worth individuals.
Here are three requirements needed to protect your assets during a high stakes divorce.
THREE REQUIREMENTS FOR A HIGH STAKES DIVORCE
HIGH STAKES DIVORCE REQUIRES ORGANIZATION
If you’re contemplating divorce, or have already made the painful decision to end your marriage, you need to get organized. This is especially true if you have a high net worth. Marital property is equitably distributed between spouses as part of the divorce settlement.
Gather all the available documents about your finances. This includes tax returns, bank statements, property records, retirement plan information, and investment portfolios. Remember to include credit card statements since the court considers debt marital property.
HIGH STAKE DIVORCE REQUIRES DELINEATION
Marital property only applies to assets and liabilities accumulated during the marriage. If you entered the marriage with a family inheritance and it has remained in an individual bank account, it may be considered separate property. However, if your inheritance money has been co-mingled in a joint bank account with your spouse, then those assets may be considered marital property.
Take an inventory of your assets and identify if they are indeed separate assets. If you and your spouse entered into a prenuptial agreement, that document should clearly list property acquired before the marriage.
HIGH STAKES DIVORCE REQUIRES SPECIALIZATION
When you’re overwhelmed with a range of feelings and worried about your financial future, you may be tempted to try and save money by hiring a general legal practitioner. However, high stakes divorce is too complex to leave anything to chance.
Working with an experienced divorce lawyer is essential to protecting your wealth. A qualified divorce lawyer is a specialist who knows their way around the court system and how to create a sound legal strategy that protects your assets. They will have experience negotiating alimony, child support and child custody.
A knowledgeable divorce lawyer will also be able to tap into a network of experts in finance, taxation, business, and mental health to provide valuable guidance and strengthen your case.
There’s too much to risk during a high stakes divorce. The skilled divorce lawyers at Oxendine, & Sauls, LP are ready to guide you through the divorce process and protect your financial assets.