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Tips to help couples get through a high-asset divorce

Divorce can be a complex process for any couple to navigate. For couples that have accumulated a lot in assets, those complexities quickly compound.

One reason high-asset divorces are more complicated is because there are more things that need to be split up. Additionally, some assets are more difficult to divide. Vacation property, a small business or offshore accounts are just a few types of assets that are harder to divide during divorce proceedings.

It makes sense that people would seek strategies to help simplify their high-asset divorce. Here are a couple things to consider to help make the divorce process less burdensome.

Locate all of the assets

Another reason a high-asset divorce can become extremely complicated is because it's not always easy finding all of the marital assets. Things like your cars, home, boat and savings are easy to locate. Less obvious assets like a deferred compensation plan may be forgotten.

Other assets, such as jewelry or artwork, may be hidden by your spouse. Hiding assets from a spouse is illegal, so it's important that both spouses are forthright when reporting assets.

Think about your business

A common fear for business owners is about what will happen to their business after the divorce. The key determination the courts use when dividing assets is whether or not they're considered marital property. If the business was formed prior to your marriage, it may be that the business will be viewed as non-marital property.

If the business was formed after you were married, then it could be considered marital property. If your spouse worked for the business at all, that also could be enough to consider the business marital property. If your spouse is entitled to a portion of your business, it's important to consider potential strategies that can efficiently resolve the dispute and maintain the business's well-being.

The more in assets a couple has accumulated, the higher the stakes are during the divorce. Not only is there a lot on the line, there's also a tremendous amount of legal complexities that need to be navigated. Thinking about these challenges prior to entering divorce proceedings can help set reasonable expectations for the road ahead.

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