When it comes to divorce in Metro Detroit, the more money and assets involved, the greater the stakes. High-value divorces have a higher level of intensity and drama than many lower asset divorces. Divorce is not always easy, and the issues involved are generally dependent on the number and value of wealth and assets. However, there are other factors, including emotions, that can play a role in the outcome of a divorce.
Many high-value individuals encounter challenges in divorce when it is time to separate property, trusts, bank accounts, 401(k)s and investments, in addition to dealing with business valuation. Some people hide assets in an effort to keep their spouses from getting the portions they deserve. Others misrepresent their value in hopes of cheating their partners out of what is fair. Spouses embroiled in high-value divorces should consider the following ways to reduce conflict for a fair and speedy settlement.
Know the complete financial picture
When couples have many assets, determining where they are, their value and how the couple spent the funds during the union is not easy. It is important for couples to understand that their wealth and personal assets have a significant impact on the outcome of their divorces. Spouses who are not familiar with how they managed their finances during their marriages find it beneficial to use forensic accounting to trace every asset and account of value so they are not at a disadvantage during divorce negotiations.
Do not rush
By the time some high-value couples divorce, they have already spent some time living apart. They might be in a rush to finalize their separation so they can finally move on with their lives. Rushing into agreements can have a significant impact on life after divorce. Spouses should research their situations, prepare to negotiate and carefully weigh the pros and cons of all potential offers.
It is important for divorcees to keep a clear head while they and their legal representatives work towards untangling their lives, finances and assets. High-asset divorces are often full of drama, but with the right approach, they do not have to be.