NEARLY half of all marriages end in divorce. While this statistic may seem shocking, divorce is a common reality for many people. This includes affluent individuals with significant financial assets. If you are about to go through a high-asset divorce, it is important to understand what lies ahead. The more that you understand the process, the more straightforward it seems. To make things even easier, our Frisco high-asset divorce lawyers have compiled the top five tips to consider when going through a high-net-worth divorce.
What Is a High Asset Divorce?
A high-asset divorce is also known as a high-net-worth divorce. These divorces generally involve significant and complex assets. The higher the value of the estate in the divorce, the more complex the divorce. For example, at Albin Oldner Law, PLLC, we represent business owners, executives, celebrity sports figures, and families with significant wealth throughout the divorce process.
Due to the complexities of high-net-worth divorces, it is important to consider these five tips:
1. It Takes Time.
High-asset divorces take longer than the average divorce. This is because attorneys must properly value the properties and assets. Individuals going through a high-asset divorce must remain patient and let the process unfold. Rushing through a high-asset divorce may mean that you could lose assets that are rightfully yours.
2. High Asset Divorces Have Tax Implications.
These divorces often involve liquidating assets and sometimes selling off joint real estate. This can trigger large capital gains and can have a significant impact on your taxes. Make sure you understand the long-term ramifications of dividing your assets.
3. It Costs More.
Due to their complexities, high-asset divorces often cost more. This is often because high-asset divorces require hiring multiple professionals who must work together to protect your rights and ensure a fair and smooth divorce process.
4. Keep it Private.
When going through a high-asset divorce, we understand that you want your privacy. We recommend that you do not air your grievances on social media. Make sure you talk to your attorney about filing for a sealed divorce as well to further protect your privacy. We also provide divorce mediation, which keeps your divorce out of public records.
5. List Assets Truthfully.
Couples who enter high-asset divorces often worry about disclosing all assets. You may feel the temptation to hide certain assets, family heirlooms or properties. However, the courts look unfavorably towards individuals who attempt to hide assets. Instead, list all assets truthfully and honestly. Let your high-asset divorce attorney work to protect them during the divorce.
Dealing with a high-asset divorce in Frisco and don’t know how to handle your assets?
Our experienced Divorce Lawyers at Albin Oldner Law are here to help and make sure your assets are protected as well as your future! Call us at 214-423-5100 or fill out our contact form.
