Lack of Preparation Can Lengthen the Divorce Process for Couples with a High Net Worth

 Posted on May 19, 2017 in Divorce

While most couples want to complete their divorces as quickly as possible, some spouses seem to enjoy dragging it out. At every turn, they find something to contest, and they refuse to compromise. Sometimes, this desire to delay stems from feelings of anger or bitterness. Other times, it is an extension of the abuse experienced during the marriage. Whatever the reason, lack of preparedness can leave the non-contentious party frustrated. Learn how to mitigate against the delaying tactics with help from the following information.

Know What You Own and What You Want

One of the biggest mistakes that divorcing parties make is that they fail to understand their financial landscape. Unfortunately, this can result in wasted time, and it also can leave too much of an opportunity for asset dissipation by the other spouse. Reduce your risk of both problems by ensuring you know what you own, and what it is that you want out of the divorce. Gather documents on all your marital assets, including:

• Bank accounts;
• Retirement accounts;
• Savings accounts;
• Investment accounts;
• Real estate (including rental properties);
• Vehicle titles; and,
• Mortgages and other loans.

You should also photograph or appraise valuable assets that do not have financial paperwork. Some examples include artwork, furniture and jewelry. Be sure to keep all photographs and documents in a safe and secure place. It is also advisable that you keep additional copies in another location, just in case your spouse attempts to tamper with or destroy the originals.

Obtain Legal Assistance Early On

Divorce planning, or the process of determining how to navigate through the divorce, is a crucial step in high asset divorces. It helps you prepare for the obstacles that may come along. It encourages you to consider worst-case scenarios. Most of all, it gives you and your attorney a clear picture of the time and energy it might take to complete the divorce process. All of this can be done without informing your spouse of the divorce; that part comes later, once you have a game plan in place. Keep in mind, though, that the planning should be done with the assistance of an experienced divorce lawyer.

At the Law Office of Vincent C. Machroli, P.C., we offer personalized and attentive representation to give you the confidence you need to move forward with your case. Experienced and committed to your best interests, we will review your circumstances, and then aggressively protect your rights, every step of the way. Schedule your no-charge consultation with our Hillside, IL divorce lawyers to learn more. Call 708-449-7400 today.

Source:

https://www.wsj.com/articles/how-to-plan-for-a-divorce-1410049066