Besides children, the thing that can really drag a divorce on is property division. The more property there is to consider, the longer the divorce will usually take. People of high net worth have a significantly harder time with the property division process than any other divorcing individuals. Those of high net worth are people who have at least $1 million in liquid assets, meaning they can convert it to cash at any time. Because they have such a large or complex financial portfolio, without a prenuptial agreement, the property division process could take months. Here are a few tips to help prepare you for the challenge ahead.

Look Through and Collect Records

In a high-asset divorce, both people will need to lay everything they own on the table that is considered marital property. Any property and debts you acquired during the course of the marriage are marital property, and all of that will be divided equitably by the court if you and your spouse can’t agree on an alternative arrangement. In order to get started, you will make the process faster by looking through all your financial records to keep track of all purchases made during the course of the marriage.

Hire a Forensic Accountant

Those of high net worth understand how to acquire and maintain their finances. If you suspect your husband or wife of hiding a bank account or secret fund, consider hiring a forensic accountant to investigate their finances. These individuals are trained to create a full view of a person’s financial history, so they will be able to track money to offshore accounts or secret lovers.

Hire an Attorney

Make sure you hire an experienced divorce lawyer as soon as possible. Each state has different laws for how the divorce process will work, and if high net worth is involved, the situation will be more complicated. A skilled attorney will help protect your assets and what you’re entitled to from the divorce.

Keep Things Private

Many people of high net worth don’t want word of their divorce permeating the general public. Some courts allow certain documents to be sealed, meaning only the parties involved will be allowed to view the documents concerning both individuals. Talk to your attorney about how this might be possible before the process even begins.

If you need help with a high-asset divorce, our skilled St. Charles divorce attorneys have more than 20 years of legal experience to offer your case. Smith Law Offices, LLC is dedicated to helping Missouri families through their legal problems with personalized attention and prompt service. Let us see what we can do for you in a case consultation.

Call us at (636) 400-1177 or fill out our online form to get in touch with us today.

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