An extremely stressful life event like divorce gets even more complicated when high-value assets are involved. These include lavish homes, cars, jewelry, artworks, businesses and stock holdings. When these are at stake, how can you work toward a smoother dispute over them?
Be open to collaboration and compromise
As you contend over valuable assets, disagreements may often arise. This could prolong the property division process and add stress to your divorce proceedings. Below are a few ways to lessen the burden of a high-asset divorce:
- Get the help of skilled professionals: You need the services of an attorney, accountant and appraiser. They will help you determine the value of the assets, demand your share, compute for taxes and seek alimony. Other spouses also hire financial advisers and forensic accountants.
- Disclose all your assets: There’s no need to hide properties and bank accounts just to get the better of your soon-to-be ex. This will just delay the process. Moreover, hiding assets may make you liable for fraud or contempt of court. You wouldn’t want to get another case while getting divorced.
- Request for confidentiality: With the great value of assets involved, it’s best to keep things private for your safety and peace of mind. A divorce nondisclosure agreement can protect personal data, business documents and financial information.
Kentucky courts conduct a fair division of marital property based on the couple’s respective contributions to obtain it. Other considerations are their marriage length, economic situations after the property division and the property’s value when divided.
Fighting for your share and moving on
Being transparent and cooperative will make things easier for everyone involved in the divorce. This could expedite the process so that you may get your rightful share of assets and alimony. And as a result, you can finally move on and embrace your singleness and freedom.
