Divorce is not exclusive to any particular social group. Whether you are in a low-income bracket or have wealth that puts at or near the top of the income scale, there are economic implications to dissolving your union.
Regardless of where you are on the spectrum, the financial aspects of divorce will have repercussions. The effects might be felt more directly and immediately if you have fewer financial assets. For those in the high asset realm, the greatest risk might be in failing to follow a number of dos and don’ts that are widely accepted as important by many experts.
Do get a full accounting of assets and debts
This is good information for anyone considering divorce, but it might be harder to achieve if the couple has accumulated a great deal of wealth in the course of their marriage. Assets can be anything of value: homes, collections, furniture, cars, or boats. Cash on hand, too. Because they’re so easy to trace, they are not likely to go unreported. However, something could be overlooked or omitted unless due diligence is exercised. If there is concern of hidden assets, a demand to disclose may be needed to surface them.
Don’t presume going to court will deliver what you want
Over the course of your life, you may have developed a very clear idea of what you think is fair and what is not. However, you could suffer a rude awakening if you go to court and expect everything go your way. Litigating might be appropriate, but you will have to settle for whatever the judge decides. Experienced attorneys know that negotiation might deliver the most desirable outcome. And the settlement can remain private.
Perhaps the most practical “do” is for both parties to retain their own experienced attorney. Not only can that ensure that significant holdings are not missed, but it can leave you confident that all parties receive what they are entitled to.