What to Do During a High-Asset Divorce Case

If you and your spouse have made a successful marriage financially, this doesn’t necessarily translate to a long-lasting marriage. In fact, high-asset divorces are usually more stressful than those without significant assets on a couple, even if they’ve had lots of success acquiring financial property. It’s important to keep your cool during a high-asset divorce case and follow the guidance of your divorce attorney during legal proceedings. In addition, below are some helpful tips to keep in mind when undergoing your high-asset divorce case. Remember that there are many laws in place that vary by state, so it’s crucial to rely on the advice of your lawyer for specific details.

Don’t Get Violent

It’s easy to get wrapped up in the middle of a divorce, and easy to lash out at your partner. However, if your partner has decided they want to go through with a divorce and want to fight to take everything you have, resist the temptation to yell or even physically argue with your spouse.

Verbal and physical abuse is illegal, as well as detrimental to your high-asset divorce case when it comes time to divide property and determine child custody arrangements.

Consider Your Pre-nups

Prenups are excellent tools for people getting married that know they will have large future assets coming their way, such as a large inheritance. However, it’s a myth that a prenup automatically protects future assets. In fact, a prenup usually only protects assets obtained before a marriage, and must be worded carefully to protect assets acquired later on in a marriage. Make sure to review all relevant information about your prenup with a divorce lawyer, and in fact, hire a lawyer ahead of time to help you draft a prenup that will protect your current and future assets.

Know Your State Laws For Community Property

Every state will vary when it comes to community property. In-state with community property laws, assets are divided equally among partners, meaning they get half of what you own and vice versa. For high-asset divorces, this can mean losing out on hundreds of thousands, if not millions of dollars.

Make sure to review all relevant community property laws with your lawyer, including laws that could be on your side. For instance, some states might take into account adultery on behalf of a spouse to divide assets. Your lawyer will know which state laws can affect your divorce case.

Figure Out What Matters To You

It’s important to know what assets matter to you the most, and try negotiating with your spouse about these. For instance, does that old Chevy that was sitting in the garage during your childhood matter to you more than your newer, more expensive cars?

If so, talk to your lawyer about these assets. Make a list, and consider your options when it comes time to evaluate whether or not you can obtain these during the divorce. Talk to your spouse as well to see where they are, and whether or not they are willing to trade assets so you can keep the ones that matter to you. 

Consider Settling Instead of Going to Trial

Did you know that you don’t have to go through a divorce trial in front of a judge? Even in high-asset divorce cases, couples can choose to simply settle and mediate their divorce without a trial. It’s still important to get help from a lawyer to divide the property up evenly, but this is much better than going through a long, drawn-out process in court.