There is nothing more stressful and toxic than being in a relationship that is not working out. Although divorce has its set of challenges, it is better to bear the short term effects of a divorce rather than coping with the long term challenges of a toxic relationship.
Divorces themselves can also be quite harsh and chaotic because of the barrage of emotions they stir among the spouses. Also, it is saddening that we are experiencing an unfortunate trend in divorce rates due to various reasons. Moreover, they get even harsher and more chaotic if there is a significant amount of money involved.
High Asset divorces are different
The division of assets is an essential facet of every divorce, but stakes get a lot higher, and matters get much more complicated with high asset divorces. Such is the case because high asset divorces deal with several financial complications like stock options and property valuations.
Therefore, it becomes paramount during such divorces that you sideline your emotions and objectively deal with the situation as mishandling can cost you a fortune. Consequently, we have listed different aspects you should consider to negotiate a high asset divorce safely.
- Review your finances and assets holistically:
Both spouses must review the valuation of all the properties, including real estate, cars, stocks, valuable personal possessions like jewelry, and also the potential debt that must also be divided equally. Moreover, it will be a good idea to review all the pre and postnuptial agreements so that the whole process can be streamlined.
- Plan your future:
In a high asset divorce, spouses are accustomed to enjoying a particular lifestyle, and they wish to continue that after divorce as well. Therefore, evaluate your future finances and consider agreements like child support, spousal support, and retirement plans. Here’s a list of the best divorce lawyers in Kansas City. You will need help navigating all these aspects and finding solutions that work for both, but sometimes things can get to a point where these conversations only happen through lawyers. More on this below.
- Get Legal Counsel:
Your lawyer will play a significant role in getting you a fair deal because he will be the only person objectively on your side. Therefore, leave no stone unturned to get the best attorneys like the lawyers dealing with high net worth divorce in Texas.
- Avoid public attention:
High asset divorces have all the potential to catch the public eye in contrast to regular divorces. But, both spouses must be wise enough to keep matters private and keep the public and media away from the matters of divorce. Otherwise, they will create more problems for themselves.
- Get rid of joint accounts:
Since they are in the process of attaining a separate identity, both spouses must close their joint accounts and open independent ones in their names. They both shall make sure that these accounts have enough moolah to at least get them through the expensive legal process.
- Try to be Civil:
Undoubtedly, divorce is a time of chaos and bitterness because of considerable emotional baggage like broken promises, unfilled expectations, and conflicting feelings among spouses. But, this bitterness has to be controlled, especially when spouses are involved in a high asset divorce, because such hostility can do a lot of financial damage.
- Involve saner heads:
Both spouses should invite their confidants who have rational heads on their shoulders so that the bouts of bitterness and recklessness can be avoided.
In a nutshell, high asset divorces, in essence, involve the same challenges as regular divorces. But, the financial aspect of high asset divorces shoots to another level, which must be addressed by paying close attention to the advice mentioned above.