Divorce exposes your assets to risk
Few financial transactions expose your assets to as much risk as divorce, and none are performed during such an emotional upheaval. Clients suffering guilt for wanting out of the marriage, or attempting to save the marriage at all cost, are inclined to surrender far too much asset value to their spouse. Angry spouses will over reach to financially punish their soon to be former spouse. Financially weaker or dependent spouses see the divorce as their last chance to grab a solid financial future.
One of the primary duties of a good divorce lawyer is to protect their client’s assets during the divorce process. The attorney must know, and use, all of the proper legal tools available. The attorney must be able to evaluate and analyze the assets to design a balanced property division.
Many high value asset divorces will need to have a financial team created to assist in the process. Your attorney will need a good working relationship with a business appraiser, real estate appraiser, CPA, and financial adviser to create the team necessary for each case.
Asset protection will incorporate a proper calculation and negotiation of child support, special needs children expenses, spousal support, and personal debt division. Though technically these are not part of the high value asset division, they are financial issues that will become intertwined. The overall goal is to agree to reasonable support combined with fair asset and debt division.
The client and their attorney must stay level headed during the divorce process. Unreasonable or reactionary attitudes will only undermine a good financial plan.
We realize that this is your marriage and your divorce, but the best asset protection comes from treating the financial aspect as a business transaction.