Figuring out how to divide your marital assets during divorce can be tough. You certainly don’t want to take the financial blow, but you’re also going to be tasked with finding a resolution that is fair for everyone involved unless you want your case to head to trial.
This balancing act can be tricky to do, especially given that there are a lot of pitfalls along the way that can leave you facing an unfavorable outcome. But there are considerations that you can consider to better position yourself for a successful divorce.
Ways to avoid a disastrous financial outcome in your divorce
Obtaining the best outcome in your divorce requires adequate preparation. Here are some things that you can do now to ensure that you’re protecting your financial interests as fully as possible:
- Don’t be in too much of a hurry: We know that you probably want to get your divorce over with as quickly as possible. But moving too fast can lead to rash decisions that aren’t in your financial interests. So, before making any major decisions, take a deep breath, slow down, and really think about the financial implications of the decision that you’re about to make. Discussing your circumstances with your attorney might help.
- Properly valuate marital property: Determining how much certain marital assets are worth is challenging. After all, some of them are dependent on the current market for those assets. But if you want to stake your claim to your fair share of the marital estate, you need to make sure that you know what the estate is really worth. This might require you to bring in experts to give you a better idea of the value of certain assets.
- Consider whether assets are being hidden: In far too many instances, spouses try to hide marital assets so that they can keep them post-divorce. Therefore, when you go into the divorce process, you should just presume that your spouse is trying to hide something from you. If you find out that they’re not, it’s no skin off your nose. But if you find hidden assets, you may have saved yourself a lot of financial losses.
- Don’t overlook marital debt: Just as you’ll have to divide your marital assets in a fair fashion, you’ll also have to divide your marital debts in a fair way. This is often a hard-fought portion of the divorce process, and you need to take it seriously so that you don’t end up saddled with debt that you don’t deserve.
- Think about long-term implications: During marriage dissolution, it can be easy to get wrapped up in the here and now. As such, you might find yourself trying to get as many assets as you can. While that’s certainly important, you can’t overlook the value of making some more strategic decisions that better position you in the long run. This includes negotiating for retirement accounts and other assets that will significantly appreciate over time.
Don’t leave your financial future to chance
If your divorce is mishandled, you could end up facing more financial losses than you deserve. That’s unacceptable, which is why you need to think about everything that you can do to protect yourself. That might include securing the assistance of an attorney who is experienced with high-asset divorces. To learn more about what the attorney can do for you, please continue to read our website.
