High-Income Divorce Tips
Ending a marriage can be complex no matter what your finances look like. But if you have significant assets, it can complicate the split even further. High-asset divorces are often more contentious and lengthy because more is at stake.
If you are in this unique situation, you need to take special considerations into account than those going through routine divorces. Here are some factors to consider during your high-income divorce.Gather and Disclose Comprehensive Financial Records
Your financial situation may be extensive. Not only may you earn a substantial income, but you may also have stocks, bonds, retirement accounts, business interests and offshore accounts. Make sure you obtain all documents, organize them and make copies. Submit everything to the court. The divorce process requires you to disclose all details regarding your finances and assets, so be sure to have all of these papers on hand as soon as possible.Assess the Financial Lifestyle of Your Marriage
In order to make fair decisions regarding property division, spousal support and child support, you must account for the overall climate of your marital relationship. The court must be able to determine the level of your lifestyle. You need to account for every personal expense, including schooling, babysitters and vacation homes. Whether your marriage is lavish or low-key, the court will generally seek to maintain the status quo through support and division arrangements.Value Your Assets
Everyone must have a clear understanding of what assets are worth in order to make reasonable choices. This requires accurate valuations of assets. Some assets such as real estate and vehicles are relatively easy to value. But others are more complex. How much is a business worth? What about retirement funds? Do you know what the value of collectibles and antiques? You should obtain professional estimates of all of these assets so everyone is on the same page.