Dividing one household into two during the divorce process can be challenging and sometimes contentious. Divorcing couples may have important concerns related to property division, alimony, child support and child custody issues. High asset divorces can be especially complex so it is helpful for divorcing couples to understand the process and how to best approach a divorce between a couple with high net worth.
To begin with, it is important to refrain from allowing emotions to cloud the process. The divorce process can be understandably emotional but allowing emotions to create a contentious divorce process can interfere with reaching the best outcomes for the divorcing spouses during the divorce process. In addition, it is also important to fully disclose all assets and not hide assets. Because the divorce process is designed to reach a fair divorce agreement related to property division and other concerns, concealing assets is not helpful to the process.
In addition, it is useful to ensure that property and assets are accurately valuated which may include appraisals or forensic accounting, especially in high asset circumstances. Divorcing spouses should also consider the tax consequences of potential asset division and how a property division agreement may impact them moving forward following the divorce. Lastly, it is also important to seek knowledgeable guidance throughout the process.
The divorce process can be difficult and may be more complex in high asset circumstances. Fortunately, the family law process is available to help all couples going through the divorce process and the more divorcing couples understand about the process, the better position they are to reach a divorce settlement that is as amicable as possible.