Divorce is never easy, but high-asset divorces often feature unique complications for divorcees. When both parties own valuable assets such as businesses and real estate, agreeing on decisions such as distributing marital property or the need for child support can be contentious.
Today, we're providing you with some tips and tricks you can use to make the high-asset divorce process less strenuous.
Your Accountant Is Your Best Friend
For individuals going through a high-asset divorce, your accountant is your best friend.
A primary concern for high-net-worth individuals during a divorce should be taxes post-divorce.
- If your income is significantly higher than your soon-to-be-ex's (or vice versa), and you've been filing taxes together as a married couple, you may find yourself in a different tax bracket entirely post-divorce.
- If you and your partner own a valuable estate, you may find yourself saddled with the entirety of the state tax if you choose to keep the marital home.
- If you sell your home, you may have to pay a capital gains tax on the sale.
Hiring an accountant, particularly one well-versed in asset valuation, can help you save a significant amount of time, stress, and money regarding how much you expend on your divorce, what assets you pursue during property division, and how much you pay in taxes post-divorce.
Consider Alternative Dispute Resolution
High-net-worth individuals may want to consider alternative dispute resolution (ADR) as a path forward during a divorce. Methods of ADR, such as collaborative divorce and mediation, can help you resolve your divorce out of court. This has a few benefits for high-asset individuals:
- It increases your chances of remaining amicable with your soon-to-be-ex. This can be advantageous if you have investments together or co-own a business you would like to keep operating on friendly terms post-divorce.
- It enables you to keep a low profile. Local reporters are often interested in high-asset divorces. Using ADR can help you keep the dissolution of your marriage out of the public eye and afford you more privacy.
- It helps reduce stress, especially if you have children. Using ADR tends to help couples find more amicable solutions in child custody, support, and alimony disputes, which can otherwise be combative and costly.
- It helps save money. Even if you can easily afford to litigate your divorce, money saved is a resource you can spend to further other investments. ADR can help you maximize the efficiency of your divorce.
At Casey, Simmons & Bryant, PLLC, we'll work with you to ensure your assets remain protected and you pursue an ideal outcome in your high-asset divorce.
To learn more about our services or schedule a consultation with our team, contact us online or via phone at (731) 256-0023.