High asset divorces often involve a great deal of stress because there is both a lot to gain and a lot to lose. It is often the case that high asset divorcing spouses employ tactics and lucrative strategies to gain the upper hand in the division of assets. It is therefore important that you are not naive and that you take early action to begin planning your approach.
The following is an overview of ways that it’s possible to get an upper hand when you are going through a high asset divorce.
Understand how the law applies to you
How the law will apply to you will depend on which state you are filing for divorce in. In Michigan, community property law is not recognized, meaning that marital property is divided in a way that is deemed to be fair and equal according to the courts. Therefore, a key priority for you should be convincing the courts on why you deserve to gain a significant portion of the marital assets.
Uncover hidden assets
It’s common for high asset divorcing spouses to try to hide assets in offshore accounts or to transfer them to a temporary conservator. This is wrongful, but unfortunately, it is a common practice. Therefore, invest time into making sure that your divorcing spouse has not tried to hide marital assets from you.
Correctly identify assets
It’s vital that you correctly categorize assets. Your spouse may try to claim that some assets are their separate property, but this may not be the case. Ensure that all assets are correctly identified so that division can take place.
If you are going through a divorce and you consider yourself to have a high amount of assets, invest in a strategy that gives you the upper hand so that you are able to secure your financial future.