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3 ways to prepare for a high-asset divorce

On Behalf of | Jan 14, 2023 | Divorce

If you are one of many New Jersey spouses who has decided to move on in life without his or her partner, there are numerous issues you must resolve before you can achieve a fair settlement. This may be particularly true if you and your ex own a business together. In a high-asset divorce, finances and business interests are often a central focus. 

Seeking clear understanding of state laws is the best way to prepare for a divorce. Beyond that, there are several more key issues to keep in mind that can help minimize stress and ensure that you receive a fair settlement. 

Keep thorough records regarding expenses as you head for divorce court 

After living with another person for however many years you were married, you no doubt comingled your finances, at least in some ways. As you prepare for a new lifestyle, you must have a good idea of your projected expenses and financial needs. It is always best to start tracking your expenses and spending, including basics like food, clothing and shelter, but also things like college tuition and one-time purchases, such as a new refrigerator or vehicle, and more.  

The more extensive of a record you have on hand, the better able you are to know what your needs are, moving forward in life without your spouse. This information comes in handy during property division proceedings.  

Additional issues that are relevant in a high-asset divorce 

In addition to knowing where you stand, financially, and what your projected needs are for the future, there are several more issues that may be factors in your high-asset divorce. Such issues include tax information, retirement benefits information and any data regarding investments, existing joint bank accounts and credit card balances. It’s helpful to have documentation on hand for anything that is finance-related.  

If you sacrificed a career to stay home and raise a family during marriage, you will also want to consider issues such as re-entering the workforce, going back to school or having to secure childcare for your children while you are away from home during the day. All of these issues involve financial needs.  

Be prepared by knowing where to seek support 

The longer you were married, the more assets (and liabilities) you and your spouse may have acquired. In a high-asset divorce, property division issues can be complex and difficult to resolve, especially if a disagreement arises. Having a plan in mind from the start about reaching out for additional support can save you lots of time and money in the long run.