Divorces can be costly in both a person’s emotional wellbeing and pocketbook. Those who are going through a high-asset divorce may want tips on how to protect themselves during this time. With so much at stake, stress levels can be more easily managed with a little research, turning to a qualified lawyer, and taking precautions before the other spouse can take advantage. Here we have covered tips and strategies so that you are prepared to navigate the murky waters of a high-asset divorce. 

Uncover Your Assets

The assets in a divorce filing will be grouped into three categories, including marital property, separate property, and community property. If an asset was acquired during the marriage for joint use, then it is viewed as marital property. If an asset was obtained prior to the marriage by one spouse, then it is deemed separate property and will remain in their possession. Lasty, if a property/asset has raised in value or earned income, that may be considered a community asset.

It is better to be forthcoming as to the extent of your assets, instead of attempting to hide them from your spouse. If the court uncovers these assets and learned that you purposefully hid them out of fear of losing them, it could hurt your case.

Keep Your Information Private

As someone with high assets, you may be concerned about your marriage proceeding being viewable to the public eye. Normally, divorce processes are public, but it may be in your best interest to file for a sealed divorce. In this way, you have protection of privacy for you and your family members. Divorce processes can be tension-filled, and the stress can build even further if your sensitive information is accessible to anyone publicly. 

Close Joint Accounts

If you have joint accounts with your spouse, you may want to close these once you know that divorce is approaching. Depending on the dynamic you have with your spouse at this time, you may want to let them know you are closing the accounts or just close them as soon as possible to prevent anyone from making hefty withdrawals or maxing out credit cards out of hostility. 

Stay Off Social Media

As tempting as it may be to vent on social media, refrain from sharing any details about your divorce. Even if your settings are set so that only your friends can view posts, they may still be accessed from the opposition somehow. The best thing you can do is not use social media at all until tensions have simmered down between you and your soon-to-be ex spouse. 

A divorce can become even more stressful if one or both partners have high amounts of assets. Those who need support during this time may want to think about meeting with a lawyer immediately, such as a High-Asset Divorce Lawyer in Alameda County, CA at Attorney Bernie, before any problems arise.