A divorce is never easy, and usually involves substantial amounts of stress, particularly when it comes to property division. Couples with substantially greater assets than average will likely feel these effects more than usual because the division process can involve so many different factors and possessions. This means that you’ll want to be smart and prepare thoroughly before beginning this process to not only protect your most important possessions but also make sure you receive a fair share of what is rightfully yours. Here are a few do’s and don’ts to follow when preparing for your high-asset property division process.
DO Go Through Records to Verify Assets
Did you buy your treasured collector car before you got married? Was that
large collection of vintage jewelry inherited from your grandmother? If
so, these possessions are likely protected from the property division
process, but you must be able to prove they are individually-held if your
spouse challenges this claim. Go through your records, including old receipts,
photos, and more to find any evidence that supports your claim.
DON’T Get Too Attached to Luxury Goods
Do you have a vacation house on Maui or a yacht parked in South Beach,
Florida? While these luxury goods are nice to have, odds are they were
made possible by two incomes, which means it’ll be extremely difficult
to keep them with just one. Even if you do manage to prevent them from
being sold as part of your divorce, odds are you’re not going to
enjoy paying the insurance, upkeep, or taxes on these items when they’re
solely your responsibility.
DO Look Out for Cheaters
We don’t mean infidelity during the relationship, mind you. We mean
keep your eyes open for nefarious actions by your spouse. Some people
try to hide assets by making them magically disappear before the property
is divided. Documentation should be able to prove something of immense
value was stolen, including police reports. Otherwise, evidence can show
if something still exists and has been unscrupulously hidden. Conversely,
don’t try to hide assets; odds are they will be found and this practice
is not looked upon kindly by family law judges.
DON’T Pass Up Something Just Because You Don’t Want It
Property division involves equitably dividing marital assets between both
spouses. However, that doesn’t mean you shouldn’t take something
that you don’t want. If he’s willing to part ways with his
Harley Davison motorcycle that you hate or she is willing to give up her
extensive rare wine collection to protect something else they truly want,
you can always gain the proceeds from selling these items off, which can
be a substantial boost to your final total.
DO Keep Track of Expenses
Attorney fees can be costly, particularly in a high-asset divorce. Your
own attorney fees will be part of the final total when a divorce is settled,
so be sure you get regular updates of your legal fees and submit them
along with your other outstanding debts. Odds are you could be able to
get them covered as a result of the property division process.
DON’T Assume You Can Avoid Alimony Payments
If you are the primary income earner in a family, even a high-asset family
where money and living expenses have never been an issue, you could be
required to pay alimony. Spousal support is designed to help the lesser-earning
spouse maintain their standard of living
during the marriage once the divorce is finalized, so don’t assume accepting less property
will get you off the hook from this responsibility.
Finally, perhaps most importantly, don’t attempt to undergo the property division process without the assistance of a Rhode Island divorce lawyer. Bilodeau Capalbo, LLC can provide you with more than 35 years of experience and a keen attention to detail in order to give you the best possible chance at an ideal outcome to your case. We always make sure to handle whatever family law issue you face with the utmost professionalism, and we always respond quickly to calls keep your best interests at the forefront of all our legal decisions.
Get a free consultation for your high-asset divorce case by calling Bilodeau Capalbo, LLC at (401) 300-4055 today!