How can I ensure a positive divorce settlement?
No matter what kind of financial situation you come from, getting a divorce and dividing assets is always a stressful and time consuming process. When millions or even billions of assets and property are on the line, the process is even more taxing. With so much money is on the line, it is easy for one spouse to act impulsively in order to protect their stakes in these assets. However, acting without thinking things through can result in errors that cost you these assets in the divorce.
Here are three tips to help you increase your financial payout in a divorce:
- Involve a valuation expert to accurately assess any financial holdings. These individuals will most often be used to determine investment related interests and how these should be handled in the settlement, including distribution, sales, and transfers of ownership.
- Think of life insurance as an asset. Many people view life insurance as any other insurance, such as car insurance. However, you have likely accumulated value on your life insurance without realizing it. In addition, life insurance can be structured in a number of ways, including being held in a trust for estate planning purposes. In your divorce, you will need an expert in insurance and trusts to show how this can be best divided with a former spouse.
- The analysis of lifestyle is important. While the cost of maintaining your similar lifestyle is discussed in the courtroom, it may not be given the close attention it deserves. Forensic accounting can help you determine how and where money was spent in the relationship.
In a high-stakes divorce, you and your former spouse will especially be seeking to obtain your fair share of assets. Hiring additional experts that have specialized interest can make a significant difference between ending your divorce and ending your divorce with an excellent outcome.