Posted on in Divorce
Going through a divorce, particularly one involving high assets, can be a daunting and overwhelming experience. Whether you are a spouse seeking a divorce or you are the spouse being served divorce papers, it is essential to know what to expect and how to protect your assets. Hiring an experienced divorce attorney can be a way to ensure that you know what to expect during your divorce and are actively protecting your interests as you move forward with the legal process.
Considerations for High-Asset Divorce
Firstly, it is important to understand the legal process of divorce. The process will begin with one spouse filing a petition for divorce with the court. The petition outlines the grounds for the divorce and may also include requests for child custody, child support, spousal support, and division of property. Once the petition is filed, the other spouse will be served the papers and given an opportunity to respond.
High-asset divorces can be particularly complex and require the assistance of an experienced divorce attorney. In many cases, assets such as investments, real estate, and business interests will need to be valued and divided. Additionally, if there are minor children involved, child custody and support will need to be determined.
Before beginning the divorce process, where high assets are involved, assembling a team of professionals is important to help you navigate the process. This should include a divorce attorney and possibly a financial planner and accountant. An experienced divorce attorney can help you understand your legal rights and obligations, while a financial planner and accountant can help you understand the financial implications of the divorce.
It is also essential to gather all relevant financial documents, such as bank statements, tax returns, and investment account statements. This information will be crucial when determining the value of the assets and ensuring that all marital assets are accounted for.
Also, be advised that in high-asset divorces, it is not entirely uncommon for one spouse to attempt to hide assets or income in an attempt to reduce the amount of assets subject to division. This is illegal and can have serious consequences. If you suspect that your spouse is hiding assets, it is important to inform your attorney and provide any evidence you may have to support your claim.
Finally, it is important to approach the divorce process with a clear head and a willingness to compromise. In many cases, high-asset divorce cases can be resolved through a negotiated settlement. Your attorney can help you negotiate the terms of your divorce outcome and make sure you are not taken advantage of. However, in some cases, litigation or even a courtroom trial is necessary to resolve a high-asset divorce.
Contact a Collin County Divorce Lawyer
Contact the experienced Plano divorce attorney with Law Office of Brian Bagley for skilled legal representation. Call (972) 843-7158 for a free consultation.
Source - https://www.forbes.com/sites/russalanprince/2014/12/01/getting-the-most-from-a-high-dollar-divorce/