When you go through a divorce, you’ll encounter several challenges in the process. How will you divide your assets? What will your child custody agreement look like? What about child support?
If you and your spouse have a number of high-value assets, then your divorce becomes even more complicated. You’ll face multiple hurdles to settle your high-asset divorce, including the following five challenges:
- Accounting for all the assets.
Perhaps, you and your spouse own a vacation home, rental properties and multiple assets. Maybe your spouse owns stock options through work, is routinely eligible for bonuses or earns commissions.
You will have to account for all your assets, plus your income and your spouse’s (including those stock options, bonuses and commissions). It may not be easy to track down all these assets. You may need to hire a forensic accountant to complete that.
- Determining the value for multiple assets.
Part of what a forensic accountant can do to help with your high-asset divorce is to set values for your assets. If you need to determine the value of antique furniture, an art collection, multiple properties or a business, that can be difficult without the help of someone well qualified for that task.
- Reaching an equitable settlement, including spousal support.
Because high-asset divorces involve so much money, one spouse may be eligible for spousal support. It’s not uncommon if you took time away from your career to raise children, you could earn significantly less than your spouse. You also could have a smaller retirement savings and other assets.
That means you’ll need a strong legal advocate to help you reach an equitable settlement that includes spousal support if you need it.
- Waiting longer to complete your divorce.
By reading so far in this post, you’ve probably already realized that it will take considerable time to settle your divorce. With more assets comes more complexity and more going back and forth between your attorney and your spouse’s about how you will split your assets.
- Learning to live on a lower income.
You may need to learn to live on less when you complete your divorce. That will be an adjustment you’ll have to prepare for as you calculate your post-divorce budget and decide how to use the assets you receive in your divorce.
The best way to handle a high-asset divorce is to work with a divorce attorney who has experience handling divorces similar to yours. That way you’ll have the help you need to ensure an equitable settlement that is in your best interests.