Did you know that if there is a significant difference between spouses’ credit scores, the more likely you are to divorce? Did you also know that if you get a raise or your income goes up, the more likely you are to be heading toward a divorce?
Money is one of the primary reasons for divorce. And when there is a lot of money at stake, things can get a little more tricky.
There is a lot at stake in a high asset divorce and each party will want what is rightfully theirs. But if you do not handle the legal proceedings correctly, you could lose out on a lot.
Here is what you need to know if you are going to be involved in a high asset divorce.
Hire an Experienced High Asset Divorce Lawyer
The most important thing, if you are heading into a high asset divorce, is to find the best possible attorney to represent you. With so much on the line, not only will the divorce be more complicated thanks to the value of assets involved, but it will also most likely be more hotly contested.
Look for a divorce attorney who has handled high asset divorces in the past. Specifically, you want to hire a qualified divorce attorney that you trust to have your best interests in mind.
Understand What Assets You Actually Have
A common problem that occurs in many high asset divorces is that one of the parties does not actually know how many assets they have. One partner might have more control or insight into the finances in the marriage and have a better understanding of where the investments, properties, and other assets are located.
Divorce costs can get high, so it is important that you go into any meeting with a divorce attorney with as much knowledge as possible about the different types of assets you own.
Things To Know About Property Division in a Divorce
Property laws in each state can vary, especially when it comes to divorce. That is why it is critical that you know the property laws for your state.
For example, Texas is a community property state. This can either be extremely beneficial, or make it very difficult for you to get ownership of a property or estate following a divorce.
If you and your spouse bought property during your marriage, it will be divided in a divorce. If you or your spouse bought a property before your marriage, it will remain in the ownership of whoever acquired it before the divorce.
Looking To Hire a Quality High Asset Divorce Attorney?
A high asset divorce can be an extremely complicated situation, especially if you have never been through a divorce proceeding. If you are looking for the best high asset divorce attorney, be sure to reach out to the team at The Alsandor Law Firm. Under the leadership of Attorney Cheryl Alsandor, a specialized legal expert, the attorneys and support staff are experienced in handling high asset divorces and property division.