Studies reveal that half of all marriages usually lead to divorce. Are you alarmed by this statistic? If yes, you need to know that divorce is a stark reality for most couples. Divorce is also highly common among wealthy people who have a huge amount of financial assets.
Are you someone who is all set to go through a high-asset divorce? If yes, you need to comprehend what is ahead of you. The clearly you understand the process, the more transparent it will seem. Though a Delaware high asset divorce attorney can help you navigate the process, check out a few tips shared by experts.
High-asset divorce takes time
If you’ve heard other divorces have taken an average time to complete like a year, you shouldn’t have the notion that high-asset divorces will also get completed within a similar time frame. Couples who go through a high-asset divorce need to be a lot more patient about the case. You can never hurry through a high-asset divorce and even if you do, you may lose your assets in the process.
Tax implications of high asset divorces are complex
High-asset divorces often include selling off joint real estate property or liquidating assets. Once this is done, it can trigger huge capital gains and can have a noteworthy effect on the taxes you pay. Hence, before going about the process, ensure you understand the long-term consequences of dividing marital assets. Once you join hands with an attorney, the tax accountant considers all tax issues.
Keep your high-asset divorce a private matter
When you’re going through a high asset divorce, you will certainly need to keep matters private. You can’t make a frivolous decision of putting up matters on social media. You shouldn’t even share your grievances on social media as this is something that your attorney will always advise you against. You should instead talk to your lawyer and ask him to file a sealed divorce so that it protects your privacy further.
High-asset divorces are costlier
There are too many complications in case of high asset divorces and hence the costs automatically get higher. In case of high asset divorces, several professionals have to be hired who work as a team to safeguard your rights and guarantee you a smooth and hassle-free divorce.
Be honest while listing assets
Wealthy couples who enter a high-asset divorce usually worry about revealing all their assets to their ex-spouse. There is a constant temptation to hide a few assets, properties, or family heirlooms from your spouse. Nevertheless, the courts usually don’t support the fact that individuals hide their assets. The lawyers will always request you to be truthful and honest while listing your assets. You needn’t fret as the high asset divorce attorney is there to safeguard your assets during the divorce.
Therefore, if you’re someone who has been dealing with a high-asset divorce, you should make sure you get the help of an attorney or a professional who can navigate you through the complications of this process.