6 Steps to Prepare for a High Net Worth Divorce

6 Steps to Prepare for a High Net Worth Divorce

Posted By R. Gregory Colvin LLC || 6-Jun-2018

Divorce is a stressful and complicated process. If there are a lot of assets and property involved, the process can be even more difficult. It is important to prepare for your case in order to protect your financial interests during the divorce. Our firm has guided countless clients to successful outcomes, and will guide you from start to finish.

In order to prepare for a high net worth divorce, you need to:

  1. Organize your documents. It will be necessary to verify your assets using documentation. This may include financial statements, vehicle registrations, credit card statements, banking information, tax returns, insurance policies, and other financial documents. It is important to gather these forms and to keep them organized, labeled, and easily accessible throughout the divorce.
  2. Keep track of attorney fees. Attorney fees, court costs, and other fees will be part of the final settlement in the divorce. That is why you need to keep receipts and other records of all costs related to the case. Thorough documentation is essential to protecting your rights and interests in a high asset divorce.
  3. Watch out for cheating. In a high net worth divorce, it is common for one spouse to try to hide assets. If you notice that your spouse’s jewelry or artwork has suddenly gone missing, it may be that he or she is trying to hide assets. You need to keep track of any discrepancies, and to take pictures of assets and property you and your spouse own. This will be necessary to prove that the assets exist.
  4. Keep track of your spouse’s debts. It is important to remember that debts and liabilities will be divided in the end, just like assets. Thus, it is a good idea to perform a full credit report on you and your spouse to avoid any surprises.
  5. Stay practical and accept your half. Once the divorce is over, you may not be able to afford payments and maintenance for some high-end assets and property. It is also important to remember that you may receive assets and items that you don’t want, such as you husband’s motorcycle or your wife’s art collection. Even if you don’t want it, you can still sell these items. A high asset divorce is much like a business transaction. Take what you are offered, and have realistic expectations about what you’ll be able to keep once the divorce is finalized.
  6. Avoid letting emotions drive your decisions. We understand that divorce is an emotional process. However, it is important to avoid letting emotions drive your decisions. Instead, treat the divorce like a business deal. Think about your financial future after the divorce, and avoid making rash decisions that could hurt your situation. Do your research, hire a knowledgeable divorce attorney to walk you through the process, and use your head, not your heart, to make decisions.

Call R. Gregory Colvin, LLC Today at (407) 603-3460 for Compassionate Representation

Divorce is never easy, especially when there are a large number of assets involved. If you are facing a complex divorce case, our Orlando divorce attorney at R. Gregory Colvin, LLC can represent you tenaciously. We will work with financial experts to analyze your situation, and will aggressively represent you in court as you seek a favorable outcome.

Ready to get started? Contact us today to receive a free initial consultation.

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