Divorce is never easy, especially if you have significant assets and businesses at stake. When you have been married for years or decades, couples will have accumulated a complex web of joint accounts, businesses, properties, and other assets. Deciding how to split the house, bank accounts, retirement benefits, and professional practices can be a stressful and grueling process for many couples. Such divorces require the help of financial experts and a seasoned divorce attorney.
Read through our list below to learn some valuable advice on how to approach your high asset divorce.
Here are some tips to help you navigate your high net worth divorce:
- Get Organized. Work with your team of accountants and financial planners to help you compile a list of all your assets and business interests. Avoid making any big financial decisions or moving money without first consulting your attorney.
- Disclose All Assets. Always be honest about all the assets you own, and never try to hide any assets. Forensic accountants are commonly employed in high asset divorces to help trace hidden financial accounts. If you are caught, this could hurt your credibility with the judge and lead to an unfavorable outcome.
- Be Open to Compromise. Compromising doesn’t mean that you have to give in to all of your spouse’s demands. But being stubborn and fighting over every asset could mean higher legal fees and a prolonged, ugly divorce. Always negotiate first, but never rush to settle without first knowing the consequences of your property division agreement.
- Be Objective. It can be hard to make the right choices when we are angry at the other party. Think about what motivates your decisions. Are you trying to punish the other party? Are you taking revenge on your spouse? Do your best to keep an open mind and determine what is in your best interests.
- Remember the Taxes. When you are transferring assets, you should consider the tax implications and how much it affects your overall finances. Certain accounts, such as retirement accounts, must be distributed properly in order to avoid penalties. Consult tax experts to help you get a better idea so you can accurately determine your income and minimize
- Hire the Right Attorney. The attorney that you choose can make all the difference in your divorce. Don’t make the mistake of hiring the most aggressive attorney if you want to avoid court. It is important that you choose an attorney who can deliver the results that you want.
We know that divorce is painful, but it doesn’t have to be complicated. With the help of our skilled divorce lawyers, we can simplify the process and help you ease the pain.
Experienced Suwanee High-Net-Worth Divorce Attorneys
At Oxendine & Sauls, LLC, we have extensive experience helping professionals and high-net-worth individuals navigate their divorce cases. We understand that divorce is tough and that there are many uncertainties about your future. Have our Suwanee high asset divorce lawyers guide you through the tough times and help bring greater clarity to your case.
We are ready to handle all types of divorce cases, including complex divorces across Duluth, Buford, and Gwinnett County.
Schedule a consultation today by calling (770) 285-1820.