High-Asset Divorces: What To Know

If you and your spouse have a lot of marital assets and are divorcing, you may be involved in what is known as a high-asset divorce. Needless to say, there is a lot more at stake when the assets are higher. Read on to learn about three ways to protect yourself in a high-asset divorce.

Procure an Attorney Immediately

Even you decide to delay your divorce for a while, it's never a bad idea to seek counseling from an attorney. When you speak to an attorney about your divorce, you will have a client-attorney relationship. The relationship you form with your divorce attorney offers privileges, confidentiality, and protections that you might end up needing later on.

Speaking with a divorce lawyer can also provide you with suggestions about actions you can take right now to protect your assets and seek support. Some spouses put off filing for divorce due to financial issues. Not having a place to live or money can be a real deterrent to taking the action you need to end a marriage. Your attorney can advise you on your rights to live in the family home and have the court order spousal and child support.

Gather Critical and Sensitive Paperwork

As time goes by and you and your spouse's relationship deteriorates, it might be too late to access certain bank accounts, investment accounts and other important financial and property information. You have a unique perspective on the financial affairs of you and your spouse. You may, for example, know something about your spouse's business, assets, loans, and more.

Consider Hiring a Forensic Accountant

A forensic accountant specializes in financial matters based on the law. These professionals are able to do a deep dive into you and your spouse's financial situation to identify and value assets, confirm the validity of documents, and so much more.

Forensic accountants are useful for the following:

1. Create a picture of the parties' financial standings using a net worth statement. It's not possible to make decisions about child support, spousal support, property and debt decisions, and more without an accurate listing of all known assets and liabilities.

2. Trace property. In most cases, the belongings a couple owns when they first marry is their own property regardless of a divorce. There are some situations, however, where assets have been commingled and the true owner of an asset is unclear.

3. Locate undisclosed assets. A forensic accountant can take on the persona of an investigator and uncover assets previously undisclosed by your spouse.

Speak to a family law attorney service to learn more about your high-asset divorce.