Robert G. Smith, PLLC

Protect your finances if you're in a high-asset divorce

People who are going through a divorce need to ensure that they protect themselves from being taken advantage of by their ex. This isn't always easy to do, but you can make good headway by remaining calm and paying close attention to what's going on.

One of the first things that you need to do is to determine what assets are going to be part of the property division process. Some examples of property that likely won't be divided include things like inheritances given to only one party and payments from personal injury claims. Once you determine what needs to be split, you can start to make a plan.

You also need to ensure that there isn't any financial fraud going on. Sometimes one spouse will decide to try to hide assets from the other. This is illegal because it can shift the outcome of the property division process. Family-owned businesses are one area in which this might occur if the spouse who handles the finances of the company shifts around profits to make it look that there isn't as much money coming into the business.

You should also consider things like how the fees of the divorce are paid and what happens to the debts from the marriage. These can decrease the total that you ultimately receive in your divorce settlement.

For high-asset divorces, adding a forensic accountant to the divorce team can help considerably. These professionals can comb through records to find out if there is anything amiss. They work closely with your divorce attorney to help you get the outcome that's best for your needs.

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