What to Expect During a High Asset Divorce Settlement?
The current divorce rate in the US stands at about 50%. This means half of all couples that get married in the country end up divorcing. If you choose to file for a divorce, at least you’re not alone.
Aside from the emotional turmoil, financial frustration is also characteristic of most divorces, especially high asset divorce settlement. Because the stakes are higher, high asset divorces tend to be more complicated and stretch out over a long time. These high asset divorces usually involve assets like real estate partnerships, closely tied business interests, deferred compensation or other employee benefits and stock options.
Any divorce settlement involving high-net-worth individuals requires greater expertise because of the complexity of court proceedings. You’ve, undoubtedly, worked extra hard for your most-prized assets. It would be a huge shame if you weren’t awarded all that you may be entitled to because of poor representation or misinformation.
If your divorce qualifies as a high asset divorce, you should find out what’s in store for you. Keep reading as we explore the divorce settlement checklist.
Meticulous Scrutiny of Financial Documents
The first thing a divorce attorney will advise you for your high asset divorce settlement is to get your finances in order. That’s because the court conducts diligent scrutiny of your financial documents before they can make a final decision. Navigating the financial web that is your assets can be very taxing, especially when under a tight deadline.
As such, it’s important to keep your finances in check to prevent the settlement from spiraling into a messy affair. Having your financial documents in order before the actual proceedings gives you a head start. It also helps paint a clear picture of your financial situation and portrays you as an organized and responsible individual.
If you are not in possession of the information regarding your finances, don’t worry. Your attorney can assist you in obtaining the information you need through the discovery process.
Many high asset divorces drag on for years. Of course, this depends on both parties’ willingness to resolve the settlement and the competence of the legal representation. The data collection methodology also plays a major role in the longevity of high asset divorce settlements.
That said, some of these divorce settlements conclude in no more than 90 days. This is largely in part because of the spouse organization and their legal representation. For your settlement to take the shortest time possible, you need to find the best representation and compile all relevant documents.
Mediation Is the Preferred Settlement Method for Most Couples
Divorcing couples in Houston are steadily shying away from the courtroom and are instead choosing mediation for their high asset divorce settlement. This is especially true with most high-net-worth–individuals who prioritize privacy. Remember that any case that the court handles is a matter of public record, which most people want to avoid.
What’s more, mediation is faster than going through the usual court process. The faster the divorce proceedings, the less you have to spend on them. However, just because mediation is faster, it doesn’t make the process any less complicated.
Mediation requires strategic planning and organization to achieve the desired result. It is important for you to find the best representation so that you have a strong advocate on your side in mediation.
The spouse determines what amount one spouse will pay the other for their upkeep. This is what is known as maintenance and is influenced by a variety of factors, which include:
- Both partners’ financial situations
- The partners’ level of education
- Their health statuses
- The properties the spouses have accumulated during their marriage
The court will take all these factors and others into account to determine the maintenance. Make sure you hire the best representation to advocate on your behalf with respect to spousal maintenance.
Prepare Adequately for Your High Asset Divorce Settlement
The more prepared you are for your high asset divorce settlement; the more things will go your way. If you’re on not-so-bad terms with your former spouse, you can consider an out-of-court divorce settlement. This can save you a lot of time and money.
A crucial part of preparation is hiring a reputable Houston high asset divorce lawyer. Luckily, all it takes is an email to get started. Contact us today and get the divorce attorney you deserve for your divorce settlement.