As San Jose readers know, divorce is a complicated process, no matter how amicable the two parties may be. This is especially true for a high asset divorce, as marital property can be particularly complicated to distribute, which may lengthen the process and cause additional stress. When facing this possibility, preparation is the key to a more efficient divorce and a smoother transition to post-divorce financial stability.
Financial disagreements are one of the most common reasons why people choose to end their marriages. These disagreements may not end when the divorce papers are filed, but they can carry over into discussions and negotiations about marital property. When one or both parties are prepared for this and have a full understanding of their property rights and legal options, it may be possible to avoid litigation, even when certain assets are in dispute.
In a high asset divorce, some of the assets that may come into dispute include retirement accounts, investment portfolios, ownership stakes in businesses, copyrights, real estate and more. For some, it is beneficial to work with a financial professional in addition to an experienced lawyer. This will ensure that a person understands the tax implications and his or her available options when seeking to protect his or her long-term financial interests.
A San Jose reader who is considering divorce may seek to prepare for what lies ahead, even if papers have yet to be filed. By evaluating a client’s individual circumstances, a lawyer can explain what to expect and how to most effectively navigate a high asset divorce. Preparation not only can shorten the process of a divorce, it can also save an individual from unnecessary stress during a difficult time.
Source: kansascity.com, “Your Financial Planner: Posturing in divorce“, Chanel Fortier