How to proactively avoid financial problems in a high-asset divorce

| Jul 20, 2021 | Uncategorized |

The divorce process can be exhausting when dealing with finances. Financial assets can be a major cause of contention for divorcing couples, even more so if there are significant assets. 

When couples who have been married for several years split, their assets may not be equally distributed by the courts. This is due to many factors, such as whose name they appear in. This also includes credit card debts that were used jointly.

Helpful proactive steps to consider

When you’re getting divorced, you may be concerned about keeping your assets out of your spouse’s hands. Here are five helpful tips:

  1. Document everything: Divorce can be a difficult process for anyone, and it can be even more difficult when you don’t have all the right information. Now is a perfect time to make a list of all assets and debts.
  2. Avoid hidden assets: Some people assume that there are assets that do not have to be included in a divorce settlement. These “hidden assets” can come back to haunt you if you don’t make sure they are taken into account. Be completely transparent.
  3. Consider the ease of liquidating the asset: What should you do if you are considering a divorce and have sizable assets such as investments, property, or other significant holdings? Consider the ease of liquidating the asset to avoid making it a major issue in your divorce.
  4. Consult a legal advocate: Having legal counsel by your side that is experienced in high-asset divorces in New York can add safety and confidence.
  5. Get educated about divorce laws: Knowing more about divorce and property division is a good place to start. 

Facing a divorce can be a traumatic experience, but the steps above can help to proactively avoid problems and get you well on the path toward a better future.