High-asset divorces in which one or both parties are high-net-worth individuals often involve a slew of complicating factors. Frequently, this results in high-asset divorces taking more time to finalize, and as a result, being more costly and stressful for all parties involved. Today, we're exploring aspects of high-asset divorces you may want to prepare for to make the divorce process easier on yourself.
To receive experienced legal counsel during your high-asset divorce, contact us online or via phone at (718) 215-0121.
Think About Tax Season Early
Finances play a key role in any high-asset divorce. Preparing for how the outcome of your divorce could impact your finances is vital.
The details of your case affect a lot of your planning here. If you're in a marriage where one party makes significantly more than the other, you could be in a different tax bracket altogether. If you have similar earnings, you'll want to focus more on how losing tax-breaks afforded to married individuals could impact you.
Planning as far in advance as possible can help you budget for tax season more easily, particularly if you don't have taxes automatically deducted for you and may need to pay more or less than you're used to after finalizing your divorce.
Settle in for a Lengthy Property Division (& Divorce in General)
High-asset divorces often take longer to finalize than less complicated cases. However, you should be particularly concerned about the property division process.
Planning comes in handy here. Start taking an inventory of your assets and liabilities - and, perhaps more importantly, ask a financial professional specializing in asset valuation to calculate their value. Knowing what separate and community property you have on-hand heading into the divorce puts you in an excellent position to negotiate with your soon-to-be-ex, and can help you streamline the process significantly.
Expect Financial Support to Factor into the Divorce
In many high-asset divorces, particularly those that involve children or income disparities, alimony or child support play a major role in the case.
If you're a prospective support payor, discuss what a worst-case scenario looks like with your lawyer, and start budgeting in advance. If you're a prospective recipient, work with your legal counsel to figure out the best approach for achieving an equitable support arrangement during your divorce.
At Levi Divorce & Family Law Attorneys, we'll work with you to pursue an optimal outcome in your high-asset divorce.
To schedule a consultation with our team, contact us online or via phone at (718) 215-0121.