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Mark Abzug

High-asset divorces might take some extra work

On Behalf of | Jun 14, 2019 | High Asset Divorce

A high-asset divorce is one that is associated with considerable assets. Dividing these can be complicated, but it has to happen if you are going to have the divorce finalized. There are many things that you need to do to ensure that everything is taken care of.

One of the most important things for you to do is to find all the assets that need to be split. When you are going through this, it is easy to miss things. It might be a good idea to take an inventory of what needs to be divided so that you can make sure that everything is covered.

There is sometimes an issue that comes up where one party tries to hide assets from the other one. This isn’t ever a good idea because it is illegal to hide assets during a divorce. People who have a family-based business must be especially careful because of the risk of hidden income from the company. If there is a sudden decrease in income in the period immediately preceding the divorce, there might be some finagling of the finances going on.

When you do split, you need to think logically about what can help you in the future. It isn’t easy to do this sometimes, but one thing that you should consider is the financial impact that various options might have on you. Ensuring that you aren’t going to have to spend more than you can afford to on the assets you get from the marriage can help you enjoy your new life.

Another thing to remember is that you might be able to keep some of the documentation from the divorce private. Because divorces are public records, having certain things sealed might be beneficial.