High-asset divorces involve dividing businesses, stocks, trust funds, deferred compensation and real estate holdings. Since you have a lot more assets, this will make your divorce more complicated.
Because these types of divorces can get very complex, you must know the following things.
They are expensive
When you file for a high-net-worth divorce, you should expect to pay more than average. That is because it goes beyond how much cash you have and includes how many other assets you have. Having multiple houses, businesses and a lot of money in the bank can make this more complicated. The more complex it gets, the longer the process of dividing everything takes. While you must go through a lengthy process to protect your assets, it will be expensive.
They take a long time
It will take a while to calculate your assets’ values. That is the primary reason that high-asset divorces take longer. You must understand this so you can remain patient. Rushing the process can leave you with the short end of the stick. Plus, it can cost you assets that are rightfully yours.
They demand scrutinization of your finances
The first step for this type of divorce is to take inventory of your finances. That is critical because the court is going to scrutinize these. However, a lot of people struggle with this task. That is because you must have these documents ready within a specific timeframe. Plus, you need proper documentation to keep all of your assets.
High-asset divorces are complex and require you to plan. The more prepared you are for your divorce, the better your outcome will be. Knowing these facts can help you prepare properly to get the best result for your divorce.