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When you walk down the aisle, you never imagine that it could one day end in divorce, but that’s the fate for too many couples. A divorce is never the outcome you wanted, but if you find yourself headed in that path, it’s best to prepare yourself for your future and your family’s sake. This is especially true if you are about to face a divorce that involves high net-worth assets and a complex financial portfolio.
How You Should Approach a High Asset Divorce
In general, divorce is not an easy process. It takes an emotional toll on both parties, and it can be financially straining. Dealing with legal fees, hashing out property division matters, and figuring out spousal and child support is a lot to deal with.
Now, if you throw in businesses, multiple properties, investments, luxury vehicles, or other substantial financial assets, there’s a lot more to unravel. As you begin the process of a high asset divorce, consider these things.
1. Get a Full Picture of Your Financial Situation
In Utah, all divorcing couples must equitably divide their marital property. To determine what is equitable, you need to understand the value of your assets. This may be a cumbersome task, but you should make a list of all your known assets. It should include everything from your home and vehicles to jewelry and collectibles.
Each party wants their fair share, and this is where things can get rocky. If you aren’t the one in charge of your finances, your spouse could take advantage of the situation and take what’s rightfully yours. Be sure to work with your attorney and get an accurate appraisal of your assets.
2. Have a Plan Ahead of Time
It’s always a good idea to have a divorce plan, and it’s even more crucial for high net worth individuals.
As you begin the divorce process, consider the following:
How your children will be impacted by the divorce and custody arrangements
How you will be affected by the divorce financially
What your goals are for the divorce in terms of assets and potential support orders
How you want to approach the divorce (i.e., mediation, negotiation, or litigation)
Figuring these issues out first will give you the chance to have a clear vision of what you want to accomplish and help keep you focused on your goals.
3. Retain an Experienced Divorce Attorney
When it comes to high asset divorces, skilled counsel is a must. When there are complex assets involved, having a reliable and qualified lawyer will protect your rights and help you receive an equitable settlement.
An attorney can help you with the following:
Provide you with the resources and legal tools to help you identify all your assets
Distinguish between marital property and separate property
Secure assistance from third-party professionals such as forensic accountants and business valuation experts to properly divide your assets
Calculate child support and alimony payments
In a high net worth divorce, you don’t want any details to fall through the cracks since it can lead to an unfair division of assets. Having a dedicated attorney assist you through your divorce will reduce any costly mistakes.
Let Our Experts Handle the Rest
A divorce can drain you both financially and emotionally; the longer it’s drawn out, the more painful it can be. Our attorneys at Carr | Woodall know the ins and outs of high asset divorces, and we can help you get through yours in an efficient and effective way.
Contact our South Jordan divorce attorneys today at (801) 988-9400 to schedule your consultation.