Steps to Take When Facing a High-Asset Divorce
High-asset divorces pose questions that ordinary divorce cases do not. While partners in a low- or middle-income family typically wonder how to support two separate households, partners in a high-asset divorce are primarily concerned with ensuring that their respective shares of their assets are distributed equitably, in a way that allows both the adults and children to maintain their standard of living.
Choosing an experienced Pennsylvania high-asset divorce attorney should be your first consideration when dissolving a marriage and wondering how to protect your assets. Other steps to take include:
Consider the Financial Lifestyle of the Marriage.
Measuring child and spousal support depends in part on what expenses are currently being spent to maintain the family and home. Items like nannies, tutors, private schooling, and second homes all must be factored into the family’s standard of living and the support awards it will take to maintain that standard after divorce.
Gather Financial Records.
Make copies of important financial records from the past three to five years. You’ll want to keep these documents in a private place to which your spouse does not have access. Bring these records to every visit with your attorney. You may want to keep any paperwork obtained from your lawyer in the same place as your other records, in order to stay organized.
Think About Protecting Your Business.
If you’re a business owner or have a significant stake in a company, you already think about how to protect your company from business liability. This same mindset can pay off when protecting your business from your divorce. Talk to your attorney about business protection options.
Understand the Tax Consequences of Support and Asset Division.
Spousal support can significantly affect the tax burden of both the paying spouse and receiving spouse. Whichever side of the isle you may find yourself on be sure to plan ahead, so you’ll be prepared for any financial ramifications.