Having more assets often means facing a much more difficult time in divorce. Not only will you and your spouse have more to fight about as the divorce proceeds, but there is a greater risk of an unfair outcome because you have so much property.
One of the most important steps that you can take to protect yourself in an upcoming high-asset divorce is to make sure that you locate all of the assets that you and your spouse acquired during the marriage and put appropriate prices on that property.
Locating everything of value can often prove challenging
One of the first pieces of advice that people receive when investing or trying to manage significant assets is to diversify their holdings. If you follow that advice, then the chances are quite good that you and your spouse share an assortment of different kinds of property.
Having a combination of physical assets, financial investments and real estate holdings can protect you during market downturns and other economic problems. Unfortunately, the more diverse your portfolio is, the more work it will take for you to track down everything you’ve acquired during your marriage, especially if your spouse has tried to hide things from you.
Some assets are easier to place a value on than others
Financial assets are often the most straightforward for the purpose of property division because they have a fixed value. Other assets can be harder to put a price on because their value fluctuates depending on the market. Collectibles, art, fine jewelry and even real estate can vary drastically in value from year to year.
What you paid for an asset may not represent what it is currently worth, which might mean you have to work with professionals to determine the overall value of your marital estate. You should be careful not to overlook assets that you don’t want to keep, as they could represent a lot of value that you deserve a share of in the divorce.
Your family law attorney can provide valuable guidance as you find all of your marital assets and go through the process of determining their value.