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How Do I Prepare for a High-Asset Divorce?

On Behalf of | Jul 14, 2017 | Divorce, Firm News

When preparing for a high-asset divorce, an increasing concern is how to protect one’s assets. With the complications of high net worth divorces, it is important to keep track of every asset and income you have. From property appraisals to accounting investigations, our Ocala divorce attorneys at Ami L. DiLorenzo, P.A. can represent you as you seek to protect your interests. There are three main points to remember when preparing for a high asset divorce.

Keep Track of Your Property

Making a list of all the property you own is helpful, and you should include both joint and separate property. Once you have a list of all your properties, you can distinguish community and separate property. Community property is generally property you purchased during your marriage, and separate property is property you already had prior to the marriage. Once you do this step, you will be able to see clearly what you own and what is shared with your spouse. This will make the appraisal process easier.

Keep Track of Your Assets

While property is a big asset, there are several other items you can count as assets. An asset is basically anything that has value, so this list may be long. You can include things like cars, boats, businesses, and homes, along with smaller items such as guns, jewelry, furniture, electronics, artwork, and other pieces of personal property. By having a comprehensive list of your assets, you will be able to keep track of them and help avoid losing anything that rightfully belongs to you.

Keep Track of Your Income

Having multiple sources of income can complicate the divorce proceedings. Make a list of all your sources and amounts of income so you can manage your accounts and know where your money is going. By having a complete and accurate list of your income, you can avoid charges of misrepresentation or fraud if you miss something or forget about an income source.

While these tips are good to follow in any divorce, they are especially helpful in high-asset divorces. By following these tips, you can be organized and manage your accounts to make sure nothing gets misplaced. The valuation of your assets and income influences child support and alimony settlements, so it is important to have complete and accurate records for your personal use. At Ami L. DiLorenzo, P.A., our Ocala divorce lawyers can help you prepare for your divorce and keep track of all your assets.

Call today at (352) 437-2200 for a free case evaluation.