Your marriage may have worked at first, and everything seemed great, but now you are facing a divorce. That discovery is stressful for everyone, and the fact you are a high net asset couple can make things only more complex. Here are some steps you can take to protect your interests before the process starts.
Identify All Your Assets
They say information is power, and that is true in many situations, including high net worth divorces. It is why your first move should be to identify and collect records of all separate and shared property and assets.
The assets you earned before entering the marriage are considered separate property. In case you signed a prenup, the chances are it will protect those assets during the divorce process. On the other hand, anything that you accumulated during the marriage is shared property. That will be the subject of discussion when dividing the assets between you and your spouse.
When identifying your assets, make sure to be as thorough as possible. Collect information about properties, investments, businesses, mortgage statements, jewelry, retirement and bank accounts, and any other valuables.
Do You Need to Consider a Forensic Accountant?
High net worth spouses might have problems identifying all their assets because sometimes it is hard to keep track of all of them. That is why you should consider hiring a forensic accountant as they can provide a detailed report and track all your assets.
Another reason why you may need a forensic expert is your spouse. Do you have any reason to doubt they are hiding assets from you? It is not uncommon for a spouse to try and hide assets thinking that would ensure they stay protected during the divorce process. Unfortunately for them, it is virtually impossible to hide assets from an expert in following the money.
A Credit Report
The crucial thing of preparing for a high net asset divorce is to make sure there are no surprises along the way. That is why it is essential to obtain a full credit report on you and your spouse. You might identify that your spouse has credit cards and loans that you do not hold jointly.
In that case, an experienced and reliable lawyer may help you to avoid being held responsible for your spouse’s debts. Having a professional attorney on your side throughout the entire process is also a very wise decision.
Keep Things Organized
The chances are you will collect plenty of information about your assets. That is why it is vital to make a plan for how to keep things organized. Your goal is to get any information you may need in a matter of minutes. Do not be afraid to use labels, folders, and anything else that may be helpful to organize the information you have.
We hate to tell you this, but it is also vital to keep everything in a safe place. You do not want to risk someone destroying or stealing the data you’ve probably collected for days.