Divorces are never fun for anyone. In fact, things can get very complicated, especially when there are significant assets involved. If you are about to embark on a high asset divorce, here are 4 things you need to know.
Having the Right Attorney Can Make All the Difference
As with any other legal proceedings, having the right attorney on side can make an enormous difference to the experience you have and the outcome you are able to achieve. This is especially important when you are going through a divorce that involves a significant number of assets or assets of significant value.
Divorces, especially high asset divorces, can be very expensive. In order to keep your costs as low as possible and ensure that you are able to walk away with as many assets as possible, you will want an attorney who is able to work quickly and efficiently without sacrificing on the quality of their work.
High asset divorces tend to take longer to resolve, irrespective of who your attorney is. Look for a divorce lawyer who has experience handling big divorces in your state. If you are getting divorced in Minnesota, then having a lawyer who is already familiar with how things work in the state will enable them to work as efficiently as possible on your divorce.
An Amicable Divorce Is Always Better (And Cheaper)
Divorces can be a very messy process. However, if you are able to maintain a positive relationship with your spouse throughout the proceedings, then everything will be significantly easier. Not only will the divorce process be much easier for you both, but it will also be significantly easier for any children or other people who would otherwise get caught up in the crossfire.
An amicable divorce is much more likely to end up better for both of you. This means emotionally and psychologically, but you are both more likely to walk away with a bigger slice of the pie if you co-operate in dividing it.
It Is Important to Set Realistic Expectations Early On
Once you have found a good attorney, one of the first things you should ask them is what you should expect from the rest of the proceedings. It may be that things are complicated and your attorney is unable to say how things will go until they have sat down with your spouse’s legal team. You should be realistic in your expectations and remember that just because you are the higher-earning spouse, that doesn’t necessarily mean that you will be taking home most of the assets. There are a lot of factors involved.
You Shouldn’t Be Afraid of Creative Compromises
If you and your spouse are willing to consider creative solutions to your impasses, then you will find it much easier to move beyond what can otherwise become contentious issues. For example, if there are assets that you both want to keep for sentimental reasons, consider whether one of you might be willing to acquiesce if the other is willing to compensate them by giving up other assets of greater financial value.
Any divorce has the potential to be a long and traumatizing affair. However, if you approach it the right way and research what to expect beforehand, you can make it through with minimal fuss.