As the end of a marriage will bring significant financial changes, it can be useful to begin preparing for this step as soon as possible. The appropriate steps taken even before the end of a marriage can help to avoid unnecessary disputes and litigation. It can be an emotional, difficult journey, but there is much at stake in a high asset divorce.
Some Pennsylvania readers may be concerned about a spouse hiding assets or grossly undervaluing an asset. In a high-asset divorce, business assets, vacation homes, retirement accounts and more could be eligible for division between the two parties, but an equitable property division settlement can only be reached when all assets are fully disclosed and properly valued. If it is suspected that a soon-to-be ex-spouse is attempting to hide assets, an experienced lawyer can help.
It is also useful to separate accounts as soon as possible. When daily finances are separate, it can eliminate conflict during an already emotionally charged process. The financial decisions made during divorce may have a life-long impact, and it is important to be smart and practical for the future, not driven by emotions.
A high asset divorce can be more complicated than the average divorce, but either spouse can protect his or her financial interests by securing experienced legal counsel. With the right help, it is possible to lay the foundation for a financially stable life after divorce. It makes good sense to understand legal options and rights before beginning the divorce process, which can be done by scheduling a case evaluation with an experienced Pennsylvania family law attorney.
Source: marketwatch.com, “Financial tips for women getting a divorce“, Alessandra Malito, Jan. 3, 2017