No one really plans for a divorce until the relationship gets sour and divorce just happens. But if you are aware that a divorce with your partner is on the horizon, you can take a few simple steps to prepare for a nice and smooth financial separation that allows you to protect your high-value assets.
Looking for top high asset divorce lawyers is one of the steps to keep in mind, but here are others that you should keep in mind.
Evaluate All the Martial Property
When you know it is time for a divorce, start looking at the assets in your marriage that count as marital property. These are the assets that will be divided equally between the two of you. So knowing the exact value of accounts before you file your papers for the divorce will help you understand how your finances will play out post-divorce.
When it comes to shared assets, the court often considers many factors in determining how the accounts will be divided. These factors include:
- Standard of living during the time you have remained married
- Duration of your marriage
- The income of each partner
- Earning potential of each partner
- Physical, and emotional health of each partner
- Age of partner
- The financial situation of partners after divorce
Start Evaluating Separate Property
Your assets will be closely looked at and determined during a divorce process on the basis of which is marital property and which is separate. Having these assets evaluated before you file a divorce will help paint a picture of the financial life you’ll have after the divorce.
Separate property examples include any property owned by a partner before they got married, a family inheritance received by one of the partners, a gift received by a partner or payment that is received through a personal injury lawsuit. By evaluating these assets, you will have a good idea of which assets will remain with you after you have been divorced.
Hire An Expert
It is normal to get legal help for the divorce process, but did you know that having a financial expert if your assets are high value is also important. A certified divorce analyst alongside a family lawyer will help you determine the exact values of your assets before they are equally divided between the two of you.
These include complicated financial accounts such as your retirement plans. Some lawyers also have the credentials that make them a financial expert as well as a divorce lawyer, but not all of the lawyers go through this additional training. If you do not want to hire two experts for your divorce, then look for a family lawyer who is also an expert in finance-related problems.
Consultation with an expert under these circumstances is very important. Just remember, your spouse will likely come with their set of experts if high-value assets are involved. Do not let go of your assets that easily, make sure to have considerable help.