When a marriage is headed toward divorce, especially in high-asset situations, it’s crucial to consider the protection of a couple’s assets.
Safeguarding your financial interests during a high-stakes and complicated divorce process can enable you to secure your financial future. After all, you want to build a comfortable life after the separation is finalized.
Assess your assets
The first step in securing your financial future during a high-asset divorce is to take stock of your assets. Knowing what you own is the foundation for sound decision-making.
Separating your finances as soon as possible is essential to help prevent the other party from depleting your joint assets. Open individual bank accounts and reroute your income and expenses accordingly, but only after seeking legal guidance so that you can avoid any appearance of improperly diverting marital assets.
Additionally, high-asset divorces often involve significant real estate holdings. Consult with a real estate appraiser to determine the accurate value of your properties. It’s also wise to decide whether you wish to retain or sell any particular assets, so that you can more effectively decide how to divide them equitably with clear priorities in place.
Don’t skip asset valuation
Determining the value of your assets is vital to protecting your interest in them during a high-asset divorce. It’s essential to have an accurate valuation to help ensure a fair distribution. For instance, hiring a professional business appraiser can be crucial if you own a business. They can assess the company’s worth by considering factors like revenue, assets and market conditions. For investments, you’ll want to consult with a financial advisor who can provide a comprehensive evaluation of your investment portfolio. This helps ensure that investments are divided equitably.
Start managing your finances in targeted ways
Gather documents related to all your assets, including account statements, property deeds and investment records. Having these documents readily available can speed up the divorce process and protect your interests. You can also protect your financial privacy by changing passwords and PINs for all your accounts, including bank accounts, investment portfolios and digital assets. Confirm that sensitive financial information is secure and not accessible to your ex-spouse.
Preparation and knowledge are your best allies in securing your financial future in a divorce. By taking the necessary steps to assess your assets, engage experienced legal counsel, value your assets accurately and maintain financial privacy, you can protect what’s rightfully yours.
