5 Ways to prepare for a high net worth divorce

Are you faced with the divorce process? Are you interested in putting this behind you as quickly as possible? Like most people, you don't want your divorce to drag on. However, you also know one thing to be true: There is a lot that goes into property division, meaning that it can take some time.

With a high net worth divorce, it's imperative to know your situation, as well as the ins and outs of the law, to ensure that you stay on track from start to finish.

Here are five things you can do to prepare for this type of divorce:

1. Make a comprehensive list of your property.

This is one of the first steps you should take, as it gives you a clear idea of what the future holds.

It doesn't matter if the property is jointly owned or something you claim to own separately - it should be part of your list.

2. Pinpoint community and separate property.

Playing off step #1 above, identify community and separate property.

If you purchased it with your spouse while you were married, it's typically considered community property. Conversely, if you brought the asset into the marriage, it's typically considered separate property.

Tip: If you claim property to be separate, gather documentation, such as a receipt with a sales date, to back you up.

3. Use experts to your advantage.

It's hard to get a fair settlement if you don't know what your assets are worth. For this reason, it makes good sense to utilize experts who can place an accurate value on all your assets, from real estate to business interests.

4. Get legal assistance.

Let's face it, nobody wants to go through a long, drawn-out court process. While this is necessary at times, you'll benefit by having a legal professional on your side.

Your divorce is important, but that doesn't mean your life is put on hold. Let your legal team handle this by providing advice and guidance based on what you want to achieve.

5. Think about the future.

It's easy to get so caught up in the here and now that you don't consider the impact of property division on the future. For example, if you obtain a particular asset in the settlement, it could alter your tax return for that year. This is where your legal team will be particularly helpful, as they can help you anticipate the outcomes of the decisions you make now.

Know your rights and options

The division of marital assets is easier said than done. In the event of a high asset divorce, you need to know what's expected of you and how to move forward with success. Remember, the right strategy could be the difference between feeling good about the end result and being disappointed for many years to come.

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