Speak with your attorney.
That is a prominent recommendation made by a panel of financial experts in a recent article on divorce planning.
In fact, notes the Forbes Financial Council, a divorcing individual should always consult with proven legal counsel prior to making any decision that could have material consequences for post-dissolution life.
That might seem logical to many people, but it is sometimes easier said than done during an event that is understandably epochal and emotionally wrenching for many participants. The above-cited Forbes piece duly notes that, “Going through a divorce is extremely stressful.”
That angst can apply especially to financial matters, especially for splitting spouses whose divorces are marked by notably high asset division.
That complicates things. We underscore at Hauer & Snover the special concerns and pressures that often exist for high-net-worth divorcing parties in Michigan and elsewhere who must focus on an equitable distribution of marital property. We underscore the “unique issues” central to the process.
Asset identification is one of them. Some high-asset marriages feature wealth that is both diverse and scattered, ranging from myriad savings/retirement vehicles and realty holdings to art/heirlooms, a family business and more.
Uncovering that property and determining whether it is separate or marital wealth can be challenging. So too can be its accurate valuation.
An experienced family law team with a proven record of strong client advocacy in high-asset divorce matters routinely helps valued and diverse clients safeguard their hard-earned marital property.
Securing that outcome can be key to post-divorce happiness and prosperity.