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Mark Abzug

Preparing for your high-asset divorce

On Behalf of | Dec 15, 2022 | Divorce

There are many reasons why couples choose to stay married even though they know that emotionally the marriage is over.

One of the biggest reasons is finances. Over the course of your marriage, you and your spouse might have accumulated a great deal of assets.

The idea of splitting up these assets and potentially losing your financial stability can make you feel extremely uncomfortable. However, the day may come when you or your spouse decide that a divorce must happen, and you must be prepared.

Property division in a divorce is complex, especially in high-asset divorces.

Gather and organize documents

Begin by gathering documentation on all of your bank accounts, income and assets. Your property cannot be divided until all marital property is identified. Obtain tax returns for the last few years as well.

When you have complete and thorough documentation, you will have a better picture of your current financial status as a married couple.

 Create a budget

Prepare an estimated budget of your post-divorce life. Do not worry if you are unsure of your expenses at the beginning of your divorce.

Since you do not know how things will ultimately turn out, exact figures are not entirely necessary, but have an estimate for the expenses you know you will continue to incur.

You should complete these two steps before you file for divorce, if possible.

Although both you and your spouse are required to share all information during the divorce, your spouse may be reluctant to provide complete and accurate information. It is best to just get it yourself and not have to depend on them.

Be financially conservative

Florida law requires an equitable property division during divorce. This law is to ensure that both spouses can maintain relatively the same standard of living post-divorce as they did during the marriage.

You should still spend money conservatively during your divorce. Do not spend frivolously or make large, unnecessary purchases.

Get help from professionals

Finally, consider using professionals. You can potentially achieve the best result by taking advantage of a certified financial analyst, an accountant or other financial professional.

Keeping these tips in mind can help you maintain your financial security both during and after your divorce.