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Protecting Your Assets in a High-Asset Divorce

Protecting Your Assets in a High-Asset DivorceDivorce is never stress-free or easy for anyone, especially if you have many financial assets. In fact, those considering filing for divorce with many financial assets will go through a special type of divorce, typically called a high-asset divorce. While many people believe that all divorces are the same, high-asset divorces come with their own unique challenges.

Therefore, if you are thinking about pursuing a high-asset divorce, it is critical for you to know what to expect. Below, we will provide eight important tips that you should keep in mind when it comes to pursuing a high-asset divorce and protecting your assets.

  1. Hire a high-asset divorce lawyer: Once you have made the decision to pursue a high-asset divorce, it is crucial that you find an attorney who has experience, knowledge, and skills in these types of divorces. As a matter of fact, this is one of the wisest decisions you can make to protect your assets because your attorney is legally trained in how to uncover assets and ensure that everything is fair and accurate. This is extremely beneficial for those who have a lot of money or wealth.
  2. Remember that it costs a lot: Although divorce is expensive for anyone, it can be extremely costly for those pursuing a high-asset divorce. This is mainly because high-asset divorces are very complex. It is not uncommon for your attorney to call upon several different professionals to help them handle this type of divorce, protect your assets, and ensure that everything remains as smooth as possible.
  3. Expect to wait a long time: While you may think that you can file for divorce and it be over within a few months, the truth is that high-asset (or high net worth) divorces take a lot longer than other types of divorces. The reason for this is because high-asset divorces usually involve several properties and assets that must be uncovered and taken into consideration. Therefore, you must remember to stay as patient as possible and let your lawyer do their work behind the scenes. Rushing them or yourself through this process will only cause huge consequences, such as missing a valuable asset that you were entitled to.
  4. Keep your divorce as private as possible: Most divorces are public record, meaning that anyone can access the documents and information related to a divorce. While some people may not mind this, you might want to consider keeping your divorce as private as possible. You may need to pay a little extra to have a sealed divorce, but it may be worth it to protect you and your family. In addition, to maintain privacy in your high-asset divorce, you should stay off social media during this time. Some people may vent about the divorce, bash their spouse, or even show off their exciting vacations on social media, but this is a very bad idea when going through a high-asset divorce because your spouse’s legal team may find this information and use it against you.
  5. Do not leave out any assets: When going through a high-asset divorce, one of the most important factors you should remember is to be honest and truthful about everything. This means that when you are writing down all your assets for your lawyer, do not leave anything out. It may be brushed off if you forget one or two assets and remember soon after, but if you start hiding assets on purpose, this could negatively affect the outcome of your divorce. You should not leave out any properties, expensive family jewelry that has been passed down from generation to generation, art collections, or cash stored away in your home. If you are caught hiding any assets, the court will likely see you as a dishonest person, which could lead to legal trouble and other consequences for you.
  6. Do not forget that there will be tax implications: Some people may not realize that a high-asset divorce comes with tax implications. This is because you are likely selling joint vacation homes, real estate properties, and liquidating other assets, which can significantly affect your taxes. Therefore, you may need to seek guidance from an accountant who can help you understand how dividing your assets impacts your taxes and how you can prepare for this.
  7. Gather all your financial information: Your lawyer will likely request to see all your financial information. In order to successfully gather everything, you should set aside the appropriate time to look for the necessary paperwork regarding your debts and assets. This information is beneficial to an attorney because it gives them an in-depth look at your financial situation and what belongs to you, what belongs to your spouse, and what belongs to you both. By seeing and gaining an understanding of this information, your lawyer can help you work toward the results you desire. Some of the types of information that you will need to gather for your attorney are your 401K paperwork, pay stubs, W-2s, tax returns, mortgages, savings accounts paperwork, loan information, credit card statements, life insurance paperwork, business records, and more.
  8. Keep an eye out for any hidden assets: Even though you may never hide assets, this does not mean that your spouse will not attempt to hide assets from you. When you decide to file for a high-asset divorce, you should take the time to look over your spouse’s assets. This will give you an idea of what type of assets they may have, and you may want to write them down to ensure that they do not suddenly disappear when it is time to divide your property and assets.

If you are ready to file for a divorce, the Charlotte divorce attorneys at Epperson Law Group are ready and available to assist you. Our team knows and understands that high-asset divorces can quickly become very complicated, which is why we are committed to providing strong legal representation for those pursuing this type of divorce. Call or contact us to schedule your free case evaluation at our Charlotte, Boone, Concord, or Weddington location today.