A high asset divorce is one in which the marital net worth totals $1,000,000 or more. Over the years the couple may have purchased several homes, multiple cars, a yacht or any number of high-priced items.
The division of assets in a high net worth divorce can be complicated at best, especially if there is no prenuptial agreement in place. However, there are things that you can do to make the process a little less stressful.
Preparing for your high asset divorce
The first step to take in preparation for your divorce is to prepare a comprehensive list of all marital assets. An accountant can assist you with this. They are trained to find hidden assets that your spouse may not want you to know they own. An accountant can also help with tax issues that may arise as assets are tallied.
Next, you might want to hire an appraiser for those collectibles you may have amassed during the marriage, or any property or assets for which you do not have an accurate valuation. Given how often market value changes on things such as artwork, collectibles, precious gems and fancy cars, it’s a good idea to have those items reappraised from time to time, especially if a divorce is occurring.
Finally, understand that the division of marital assets in a high-net-worth divorce will take time. Things can get very complicated when one spouse does not want to liquidate a particular asset. Things like your 401k, trust funds, bank accounts and retirement funds will all be scrutinized in the process of trying to fairly divide your marital assets. Be patient and be clear about what you hope to gain when assets are divided.
Speaking with someone who understands how these divorces work is also an important step. Don’t try to handle this alone. You could end up missing out on important details.
