Published by our friend Lis McNealey Spaine, The Arlington Group
High net worth divorce can be draining, scary, complex and stressful. It’s crucial to maintain your emotional composure and have a clear sense of your financial affairs in preparation of the divorce. You must know the state of your assets in detail in order to protect them throughout the process. To help you successfully transition through this difficult process I have provided five key steps to successfully manage a high net worth divorce.
The 5 Steps:
1. Get all your financial asset records together It is important to put documents in files that show what is individual property and what is shared property. Individual property refers to property acquired prior to the marriage, while shared property refers to assets obtained during the marriage. Documents you may need include investment account records, trusts, receipts and financial statements, deeds to real estate, and insurance policies.
2. Stay Calm and Organized Staying calm and organized is essential to protecting your assets during a high net worth divorce. You need to be able to get access to all your financial information immediately. All your documents need to be filed, labeled and kept in a safe location.
3. Be very clear of Attorney costs It’s important to stay informed and aware of any and all attorney charges throughout the process. Know how much the divorce is costing you the entire time.
4. Be in the know about your spouse’s debts Know all the details about your spouses; assets, debts, credit score and income. In divorce all assets and debts are divided in various measures. It is important to be aware of these numbers and to plan accordingly.
5. Contact Our top ranked Certified Divorce Financial Analysts Typically In high net worth divorce cases it takes a team to help a client successfully come out in the best shape in a high net worth divorce. Of course hiring an attorney is very important. An attorney can work with an accountant, and a Certified Divorce Financial Analyst financial to help you gather important records, and analyze your financial situation for the future after divorce is over.
If You Are Preparing for a High Net Worth Divorce, The Arlington Group is ready to help.
Call or Email Lis.Spaine@wfafinet.com to learn more or to get our free financial consultation.
614.388.8420 | | www.thearlingtongroup.com