Knowledge & Experience When You Need It Most

Ways to protect your financial security in a high-asset divorce

On Behalf of | May 9, 2024 | High-Asset Divorce

A divorce becomes more complex when the court has to divide community property involving valuable assets. High-value assets include massive savings, large businesses and multiple real estate properties.

If you are thinking about getting a high-asset divorce, are you ready to deal with its complexities? In addition, what can you do to secure your financial security before heading back into singlehood?

Gaining knowledge and guidance

Since a high-asset divorce has more complexities than a regular divorce, it is advisable for spouses to seek advice from professionals. They can gain knowledge and guidance on dealing with high-asset divorce proceedings by doing these:

  • Seeking legal counsel: An attorney can help you study all the options and make sound decisions. They can also make recommendations on dividing community property and dealing with alimony. In addition, parents can get advice on child support, child custody and visitation.
  • Hiring accountants: A certified public accountant must prepare your financial statement. This should accurately declare your assets, liabilities and net income. Meanwhile, you can hire a forensic accountant to find out if your spouse is hiding assets and debts.
  • Conferring with real estate specialists: An appraiser can provide the fair market value of your real estate properties. They can also provide the appreciation and depreciation values of the said properties. Additionally, a real estate adviser can say if it is more viable to sell or keep your lands, vacation properties, buildings and other real estate assets.

Moreover, spouses can seek more pieces of advice from other finance professionals. They can ask financial advisers about their retirement accounts, tax consequences and community debts. Also, they can consult business analysts regarding their investments, partnerships and corporations.

Making smart financial choices

In a divorce involving valuable assets, it is vital to make smart financial choices. With solid support from your team of professionals, you may strive to get your reasonable share. Doing this can boost your financial well-being and secure your financial security in your post-divorce journey.