If you’re headed for a high-asset divorce, then you might be worried about the property division process and how it’ll affect your finances. This is understandable. After all, the outcome of your divorce could have tremendous implications in both the short-term and the long-term.
Therefore, before you head into settlement negotiations, you have to be prepared to present the arguments that best represent your position. If that sounds overwhelming, don’t worry. We’ve got some tips to help you get prepared for negotiations and litigation.
What can you do to prepare yourself for the property division process?
Effective preparation is crucial to achieving a fair outcome. Therefore, as you ready yourself for the process ahead, consider doing each of the following:
- Assess marital assets: During your marriage dissolution, you’ll be entitled to your fair share of marital assets. However, to ensure equitable distribution, you have to make sure that all marital assets are actually identified and that they are properly valuated. This means diligently combing through financial records to locate hidden assets or inflated debts, as well as seeking professionals who can help conduct an appropriate evaluation of marital assets.
- Consider your future needs: When you’re going through divorce it can be easy to think about your short-term needs. You might need a place to live or a vehicle, but don’t let these immediate needs blind you to your long-term needs. Think about your retirement and what you’ll truly need to support yourself and your children for a long time to come. Think about your ability to be self-supporting and whether your children have any special needs.
- Think about what your spouse needs: If you can identify what your spouse needs out of the divorce, then you may be better positioned to develop a legal strategy that uses those assets as leverage. If your spouse is going to need the same assets that you need, then at least you know where the conflict is going to arise and can better prepare to target your arguments.
- Prepare for coercion: There’s oftentimes a lot of conflict when it comes to property division. As a result, sometimes the parties aggressively fight for what they want. This can lead to nasty statements and coercive tactics, such as threatening to withhold access to children unless concessions are made. This can be a frightening prospect, but don’t give in to these strategies. Instead, work closely with your attorney to find arguments that support your position.
- Assess marital debts: Although obtaining your fair share of marital assets can be beneficial to your financial stability, overlooking marital debts can wipe out any progress that you may have made with marital assets. Therefore, it’s in your best interests to educate yourself on marital debts, making sure you separate those that are non-marital in nature, and prepare yourself to negotiate them.
Have a strategy before proceeding with your divorce
There’s a lot to think about as you navigate your divorce, especially if you and your spouse have a lot of assets. That’s why it’s imperative that have a strategy before you proceed with your case. By implementing strong legal tactics, you can maximize your chances of achieving the results that you want and put yourself on the path to a successful financial future post-divorce.
We know that this isn’t an easy process, and it can be fraught with emotions, but that’s why law firms like ours are here to help. If you want to alleviate your stress and ensure that you have strong legal arguments on your side, then consider letting a legal advocate do the work for you.