A divorce is an official way to end a marriage. In the eyes of the law, a marriage is a contract that you enter into and can break, both through formal processes. Once you divorce, you have to go through the business of dividing the marital assets. This process is different depending on the state you live in.
What can complicate the process is when you have high-net-worth assets. Divorces that involve a lot of assets can take longer to finalize. If you are considering divorce and you have a lot of money between you, then you should consult with a divorce attorney to see how to fairly deal with the process. Here are some things to think about before your divorce consultation:
Did Either of You Sign a Prenuptial Agreement?
Before anything can happen with asset division, you need to deal with a prenuptial agreement if you both signed one. A prenuptial agreement is a document you both signed and agreed to prior to marriage. The document states how you will deal with all components of your marriage should you get divorced. One of the biggest parts of a prenuptial agreement is asset division. If you have a prenuptial agreement, your attorney will use it as a guide on how to start dealing with your assets. What you need to know, however, is that you spouse can challenge the agreement in court even after he or she signed it.
What Assets Do You Have?
Assets in marriage and divorce can be in different forms, especially if you have high wealth. If you own a business, many of your assets may be tied up in your business financial portfolio. Depending on your state and any agreements you made before you married, your spouse can possibly receive a part of the business in the divorce.
Other assets include commercial and residential property, expensive collections, investments, pensions, intellectual property, and international holdings. All assets have to be appraised and valued. You will need to work with more than just a divorce attorney. Plan to work with other professionals and legal experts to finalize your asset division.
Should You Plan for a Dispute?
In a marriage that involves a lot of money and assets, more than likely your spouse or yourself may want to dispute some or all of the asset division. When there is a dispute, chances are it will take your divorce longer to become final. You have to come to an agreement on the terms of your divorce, or everything will go through the court and you will have little say in what happens.
Share11 November 2019
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