DEALING WITH HIGH-NET WORTH DIVORCES: KEEP THIS TIP IN MIND

On behalf of Stephen Bedor of Law Office of Stephen J. Bedor posted in high-asset divorce on Wednesday, November 7, 2018. 

It isn't easy to go through a divorce, no matter what your financial situation is. Despite that, people do it every day, and some take care of the divorce better than others. The difference between someone who survives a divorce well versus someone who just survives is that the first person has more knowledge about protecting themselves.

If you plan to go through a divorce and need to know the No. 1 tip to help you, it's this: Make sure you know all your assets. Anything of value can be an asset. That includes art, stocks, properties, furniture, jewelry and other items.

Why is knowing about your assets so important?

It is important because what you don't know could come back to hurt you later. If you don't know about a valuable asset, your spouse might not tell you about it. On the other hand, they could also disclose it and say it's in their name only. You need to go back through all your assets to know what you can claim in marital property. Once you know that, you're armed with information to move forward with your divorce.

Remember, even if you kept all your assets separate, any appreciation in value or earned income during the marriage could be considered marital property. This is something that could have you smiling in court, especially if the appreciation of assets primarily occurred during your marriage. Our site has more on what to do to prepare for your divorce and be ready when you start negotiating with your spouse. The right preparation matters.