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Preparing for the Uncertainties of a High-Asset Divorce

A marriage does not fall apart overnight. There are often signs to each of the spouses that things may not be going well. They may try to find common ground, but in some cases, it will be impossible for the couple to remain together.

When a divorce starts to be a real option, it is important that each spouse prepares for what is about to happen. This is especially true in high-asset divorces when the couple will have to decide how they want to divide the property that they have acquired during the marriage.

Once a divorce is filed, it might be more difficult to receive the information necessary to try to work out these agreements. This can lead to a lot of arguing between the parties, which can greatly increase the emotions involved in the divorce. The other spouse may be less willing to compromise, fighting over seemingly every dollar or asset, no matter how insignificant it appears.

Prior to the divorce, a spouse should try to gather as much paperwork as possible. This will allow the spouse to understand the assets that the couple has, and will also be beneficial if assets are being concealed. If the couple owns a business together, or one of the spouses is self-employed, this information can be used to help determine the value of the business or the income that the spouse makes.

Divorce can result in serious financial problems if individuals are not prepared. Those thinking of filing may wish to contact an experienced attorney to learn more about the process. This can allow a person to understand exactly what he or she needs to do to be ready for what might happen in the future.

Source: CNBC, “Divorcing a bully, protecting your finances,” Elizabeth MacBride, June 18, 2013.