Getting a divorce, especially a high asset divorce, can be emotionally challenging. However, it is important not to allow emotions to interfere with the high asset divorce process. High asset divorces can present challenges on top of the usual divorce process. Therefore, couples in New York with significant holdings may find it useful to know how to approach their high asset divorce.
During the high asset divorce process, divorcing spouses should understand what property they have and prioritize what they need in the divorce. One way to do that is to have a valuation expert help them with the divorce process to ensure their assets are valued accurately. Most valuation experts are financial experts, and additional experts may be needed for investment-related concerns.
In addition, it is important for divorcing spouses to take insurance concerns into account. Another concern that is commonly overlooked during a high asset divorce is the lifestyle the couple enjoyed during the marriage. Correctly valuing assets and looking at the couple’s full financial picture, as well as the needs of each of the divorcing spouses for the future, can help divorcing couples arrive at a divorce settlement agreement.
Because there are many implications associated with the property division process during divorce, including valuation, prioritization, negotiation and other concerns such as tax-related concerns, it is important to take a holistic approach to a high asset divorce. Many times, the end goal is to reach an agreement out-of-court, but sometimes one or more divorce legal issues must be litigated. Being familiar with the family law process and resources available to divorcing couples can help them with whatever their divorce process looks like.