Working With a Pennsylvania Attorney to Plan in a High-Asset Divorce
If you are considering a divorce, then you are already keenly aware of the emotional stakes. But a divorce is also a financial arrangement – and this is never truer than when the spouses seek to divide a high-asset estate between them. By working with an experienced Pennsylvania divorce attorney who understands high-asset divorce issues, you can protect your financial health as well as your legal rights.
One place to start is to work with your attorney to create a specific, proactive plan for dealing with your divorce. A lack of planning puts you on the defensive, in a “reactive” stance automatically, setting you at a disadvantage and often resulting in unnecessary delays.
Even before you meet with your attorney, you can begin the steps required to create a solid plan:
- Create a balance sheet listing your assets and debts.
You will need copies of all your financial paperwork, and it’s wise to collect them now and to keep them someplace to which your spouse does not have access. As you collect this paperwork, take the time to enter the numbers into a single balance sheet. You’ll know at a glance what assets and debts you must consider during the divorce, which will help both you and your attorney enormously when planning specific tactics and strategies to protect your rights.
- Make a “top five” list of potential issues.
Every divorce is different. As one of the two “inside parties”, you are better equipped than anyone else to predict which items are the most likely to cause conflict during the divorce process. Take some time to make a “top five” list of the issues you most expect to become contentious during a divorce. These might include child custody, who takes over a joint business, or ownership of certain items. Use this list to give you and your attorney the “heads up” you need to plan proactively.
- Learn to separate emotions from the outcome.
Divorce is an emotional process. By working with a lawyer who understands high-asset divorces, however, you gain needed protection from overwhelming emotions that destroy good judgment. Find an attorney you trust to give you solid advice – even when the going gets tough.