High-asset divorces can come with a whole host of complications, not the least of which is the property division process. Dividing property, especially items such as retirement accounts and investment portfolios, requires skill and patience. The consequences between property division done right and done with haste may prove to be very costly, in more ways than one. Minnesota high-asset couples considering divorce should think about a few of the following issues before engaging in the divorce process.
First, it can be incredibly beneficial to get a basic understanding of what assets are at stake before taking the first formal step in divorce, which is usually meeting with the attorney. This includes obtaining property valuations. Ultimately, this could wind up saving time and money. It is also helpful to prepare specific questions about divorce, such as a time frame for completion or whether alimony payments are likely to be included in a settlement. This will limit frantic, last-minute questions.
In addition to the assets that will be split, it is important to have some idea of the family debts. Jointly-held debts might include the home mortgage, college loans, car loans and business loans. Debts, much like assets, are also divisible between the parties in a divorce and must be included in the final settlement. Other items that are important to have on hand include insurance policies and the past two years of tax returns.
Being prepared with questions and documents from the very start will help move a divorce along much more efficiently. A lot of time is wasted in divorce cases just waiting for documentation. If a couple can provide much of this data up front, it can make a world of difference, especially in high-asset cases involving significant and complex family estates.
Source: The Huffington Post, "Thinking About Getting Divorced? 7 Things To Consider," Ann Blumenthal Jacobs, Patricia Ryan Lampl and Tish Rabe, September 27, 2012
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