Research reveals that half of all marriages end up in divorce. This data might shock you but divorce has indeed become a common reality for most of us. This includes wealthy people with a high worth of financial assets. In case you’re about to go through high asset divorce, you should be aware of what lies ahead. The more you comprehend the process, the simpler it seems. In order to make things smoother, here are a few tips to go through a high-asset divorce.
High Asset divorce – What is it?
When a couple with $1,000,000 in liquid assets chooses to file for divorce, this is called a high-asset divorce. After the process of divorce, the liquid assets are subject to division and negotiation. However, this figure doesn’t include commercial or residential real estate or closely-held businesses.
Top blunders in a high-asset divorce
Let’s take a look at a few critical issues that have an impact on high-asset divorcing couples and the blunders that you should avoid.
Getting scared when there is no prenup
When both of you entered into a marriage agreement with considerable wealth, a prenup might already be in place to define the process of separate property and make asset distribution transparent. But in case you don’t have any such prenup document in place, you needn’t panic. No, your divorce won’t turn into a circus as you just have to choose the right process of divorce.
Not trying mediation and opting for litigation
Now that you are about to face a high-asset divorce, the first step that you might think of taking is opting for litigation in court. At least this is what your divorce attorney will advise you. However, you need to know that divorce mediation is a more cost-effective alternative than litigation in court. Mediation can also help you resolve all divorce issues without any future discrepancies.
Not appointing the right divorce attorney
You may think that since there are valuable and complicated assets involved in your divorce, it is best to hire an aggressive lawyer who can offer you fierce representation. But the reality is that divorces with considerable marital property and an aggressive lawyer representation are a deadly mix. It is better to hire an Ohio high-asset divorce attorney who can decently represent you in court and bring forth a favorable result.
Therefore now that you are aware of the blunders that you should avoid in high assets divorce, try not to commit them as they will cost you big time in the long run.