In any divorce, the division of property can seem like an overwhelming task, and it’s crucial to get it right the first time. As a high net worth individual, ensuring that you receive an equal and desired amount of assets may be one of your top priorities in your divorce process. To help streamline the division of high valued assets, our attorneys at Gill Law Group, PC share how you can prepare your finances during a high asset divorce.
Get a Quote
In your consultation, the attorney should give you a quote for their services for the entire duration of your divorce, as well as their retainer costs. Write this down! This quote may change, so allow yourself some wiggle room for your budget when selecting your attorney. By being upfront with the costs and creating a budget, you can prepare for your divorce and begin the process of putting aside money to finance your dissolution of marriage.
Organize Your Finances
The first thing you can do is organize your finances so they will have easy access for your attorney and the courts.
Create a System
Organizing your financial documents does not need to be a complex process. You can create physical folders of all physical documents or use digital folders for digital documents. While organizing your documents, you should also compile all logins and passwords for your own personal future use and to ensure you have gathered information from each online portal you have access to.
If possible, you should also take sticky notes and date the purchase and time-frame of each asset, flagging documents you may be unsure about.
Financial Forensic Analysis
When compiling all of your financial documents, you may find that you are unable to locate certain documents or some information stated is incorrect. Your divorce attorney can hire a forensic accountant, who may piece together your current financial information to confirm prices paid, timeframes, and evaluation.
During the Process
With all of the information you compiled and organized with your attorney, your assets will then be sorted into separate and community property by the court. If your soon-to-be former spouse also compiled their information, the court can use both document banks to make their status determinations.
If Something Doesn’t Feel Right, Flag Your Attorney!
During the division process, if you feel that an asset is missing or misvalued, tell your attorney! They can inform the court, and the asset may need to be investigated and reevaluated to determine the value or ownership of the asset.
Orange County High Asset Divorce Attorney
At Gill Law Group, PC, we understand the importance of getting the division of property right the first time. Our high asset divorce attorney is experienced in preparing our clients for any complex situation that may arise during their divorce.
Are you considering a divorce and have more than $1 million in combined assets? Call our high asset divorce lawyer today at (949) 681-9952 or contact us online to schedule an initial consultation.