What qualifies as a high-asset divorce?

On Behalf of | Aug 22, 2022 | family law |

High-asset divorces involve couples who have significant holdings including things like cash, investments, bitcoin, collections and other luxury items that they may have purchased. These may include vacation homes, automobile collections or a yacht. 

Dividing up the assets in this kind of divorce can bring out a ton of animosity and strife. Knowing how to prepare for the process ahead can help you get what you’re due.

Preparing for your high-asset divorce

Here are some things that can make the divorce process easier if you don’t have a prenup.

  • Make a comprehensive list of all marital assets. Should you need assistance, an account can help. They know how to find any hidden assets that your spouse may not want you to know about. An accountant can also handle any tax issues that may arise as assets are tallied.
  • Have the marital assets appraised by a professional. Market values are constantly changing. Things such as artwork, vintage cars, jewelry and collectibles should be reappraised from time to time, especially if a divorce is imminent.
  • Be patient and persistent. The division of marital assets, especially in a divorce with a lot of assets, takes time. Things like trust funds, bank accounts, your 401k, and retirement funds will all be scrutinized in the process of trying to fairly divide your marital assets. Negotiations can be tricky and frustrating when one spouse does not want to liquidate a particular asset. Be clear about what you hope to gain in the end.

Divorce is stressful under any circumstances. Things can get intense when valuable assets are thrown into the mix. Make sure that you understand what you are entitled to as you begin the divorce process.

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