Divorce is like many other actions in that it is best to be prepared. This is especially true when it involves a large estate. It is because, barring a valid prenuptial agreement, those who live comfortably often have the most to lose. It can affect what home they choose and where, and other vital issues. With this in mind, here are four actions to take as they plan their divorce.
- Get accurate appraisals
Every appraisal will be different, but it is a good idea to have all big-ticket items appraised or reappraised in the current market before dividing them. It can be homes, property, cars, and even collectibles. It can avoid giving up more than necessary for an asset and prevent resentments after the fact. It is also advisable to use a trusted appraiser and not necessarily one hired by the spouse.
- Gather all critical documents
It is unnecessary to have these during the initial consultation, but it enables the attorney to provide a more detailed analysis. These should include pay statements, tax information, business information, mortgages, property titles, prenuptial agreements, banking info, retirement accounts, insurance policies, and medical records. These can be copies of the original documents.
- Check for hidden assets
Some will be surprised to find out that their spouse has amassed a “rainy day fund” or that they are quietly funneling to other places or cryptocurrency. A forensic accountant and a knowledgeable divorce attorney can help with this.
- Hire an experienced divorce attorney
It is always a wise decision to get separate attorneys. It best ensures a fair and equitable division of assets and also helps safeguard parental and individual rights.