Many divorcing couples expect their divorce to be fair and simple. Unfortunately, several factors can create just the opposite situation. Higher than average assets can be a big factor in messy divorces. Find out more about how high assets can affect your divorce by reading below.
Is Your Divorce a High-Asset Divorce?
Most divorcing couples already know that they will have a high-asset divorce. Unfortunately, though, some parties might not realize how high the stakes are and what is involved. When you speak to your divorce attorney, let them know about the following issues and they can help you determine the value of your divorce:
- Bank statements
- Investment statements
- List of real estate properties
- List of vehicles
- Income of each party
- Businesses owned by the parties.
You can also compare your income to that of the average income in your state.
Know Your Assets
If you expect to have a fair and equitable divorce settlement, you must understand the scope of your financial status. You can begin by listing the assets either you or your spouse own. Since not all assets are considered marital property, your divorce attorney will help you identify things that are separate property. In most cases, separate property like the below assets are not involved in the divorce process:
- Items purchased prior to the marriage.
- Items inherited during the marriage.
- Items given to a party (and that party only) during the marriage.
If you are like many married couples, most of your assets were acquired after the date of the marriage and fall into the marital property category.
Know About Hidden Assets
You may think you know your spouse, but many are surprised to learn of hidden assets at some point during the divorce. The law requires that both parties submit a complete list of financial holdings as part of the divorce process. Withholding assets from the judge is grounds for contempt. If you suspect your spouse is not being 100% forthright when it comes to financial disclosures, speak to your divorce attorney about having a subpoena issued to obtain those records. In addition, many high-asset divorces benefit from hiring forensic accountants to comb through complex financial records in an effort to:
- Identify hidden assets.
- Value businesses, collectibles, artwork, and jewelry.
- Scrutinize income tax filings to ensure accuracy.
Just because you have a lot of property and your income is higher does not automatically mean that your spouse is withholding information about marital assets. However, high-asset divorces deserve more attention than most. Contact a law firm like Tri Cities Law Group to learn more.Share