Divorces can be complex matters when the couple has amassed considerable wealth and resources during their time together. It certainly is not as easy to disentangle yourself from a 20-year marriage and split the financial accounts, vacation homes and art collections as it is for young couples with few assets.
It typically will be especially important for those with more assets and resources to strategize their exits from their marriages. After all, those who have more also have a great deal more to lose in a divorce.
What high asset couples need to know
Know the actual value of your assets now. But for certain assets like some financial accounts, it’s paramount to also calculate their future value when you will likely be first accessing them. Failing to do your due diligence by accurately valuating your assets means that you could unknowingly walk away from your divorce leaving money on the table.
What about collections?
This is yet another type of resource where it’s vital to correctly value the pieces of the collection. Whether it’s a jewelry, antique guns or rock ‘n roll memorabilia collection, find an independent third party with expert knowledge in that particular field to appraise the collections. You may be surprised at the value — or disappointed. But either way, at least you will know.
Be strategic about assets
If you will be the primary caretaker of the children, it may be a good idea to retain the house with an agreement to sell it later and split the proceeds when they children are grown. Your Atlanta family law attorney may be able to negotiate for that outcome.
What remains the same in divorce
Even though divorcing couples of wealth and means face some unique hurdles when they split, there are some universal divorce experiences most people go through:
- Feelings of failure
It doesn’t matter whether you are fabulously wealthy or don’t have two nickles to rub together, divorce is a life-changing experience. You need to have an experienced and capable family law attorney fighting for your rights in your divorce.