When a legally married couple decides to get separated from each other, then many issues related to assets and finances becomes the subject of dispute. Maintenance of children is one of the main issues that the couples usually argue about. In addition to that if there was any high value asset that was available with one spouse, how that will be shared between the two will also be the topic of discussion. Besides that, there must be plenty of investments made by both the partners jointly.
Therefore, if there is a case of high asset divorce then you need to consider the following things before filing your divorce case.
- Create asset inventory
It is important to make the list of all the assets of both the partners so that they know what is going to be the future of this asset, whether it will be acquired etc. Unless each partner is aware about what the various assets are, it is extremely difficult to agree or disagree about the future of the asset.
- Close joint accounts
In order to get a clear picture of assets of each partner, it is best thing to close the joint account, so that nobody can have access to the account. The savings account or Credit /Debit card should be closed.
- Create individual account
Each partner should open their individual account so that the entire asset that has been distributed between the two can be transferred to the individual account and only the account holder will be able to take money from it.
- Protect your business
Each partner must be having their business that can be high value asset. In many cases, the business might have been handled by both the members. The business may continue even after divorce or may not continue. However, both the partners must protect their business so that it is not affected. If they choose to do business separately then they should amend their business deal accordingly.
- Decide how the estate will be divided
Discussion must take place between both the partners on how are they going to divide their estates after they are separated. Either they should mutually agree between them otherwise it will be decided by the legal process where the understanding between the two partners may not be considered.
- Consult with experts
There are experts available, who can advise how the high value assets can be distributed between the two divorcing partners. They will make detail assessment of the assets and advise both the partners.
- Get legal advice
When it is absolutely clear that there can’t be any reconciliation and divorce is imminent then one should consult legal experts to intervene and start the legal process to get the divorce. During case proceeding, all the documentations done must be ready so that it can be presented in the court as evidence. An expert legal advisor can give his opinion on how various assets can be legally divided between the two partners.