All divorces have the potential to be contentious, but the risk is even higher when valuable assets are involved. If you are ending a marriage and need to account for complex assets and wealth, you may not know what to expect. It is vital to prepare yourself for this situation because making mistakes can be costly.
The choices you make during your high-asset divorce will largely determine how intact your finances will be once everything is over. Here are some general ideas for dealing with a complicated marital estate as you end your marriage.
- Get valuations of complex assets
Some property, such as a vehicle or family home, is relatively easy to value and divide. But you may be dealing with far more intricate assets, such as:
- Real estate holdings
- Retirement assets
- Stock options
It is hard to put an exact value on these types of assets, but it is vital to get a clear number so you can negotiate and divide fairly. Hire a valuation expert to determine what these assets are worth.
- Do not attempt to hide assets
When valuable assets are at stake, you may feel tempted to do anything at all to protect your financial interests – even hiding assets. But this is an illegal act that will only come back to haunt you. If you do not disclose all of your financial information, you will lose respect and credibility, as well as face legal penalties.
- Make decisions based on logic instead of emotion
This may be easier said than done, but do your best to make logical decisions. It is tempting to let your anger get the best of you and act out of spite, but it is crucial to realize this only ends up hurting you. The more you argue and seek revenge, the longer and costlier the divorce will be.