Going through a high asset divorce in Indiana can be a devastating and overwhelming period. When you’re in this position, you may not be thinking straight due to emotional pain. Unfortunately, this mindset can lead to costly financial mistakes that you may regret in the future. Exploring every element of this process is crucial to getting it right the first time.
Examining your options is essential
If you or your spouse wants to get divorced and you have a business, it’s best to examine your options. First, you may want to utilize arbitration or mediation, which can help avoid the stress, expense and time involved in divorce court litigation. Going this route can provide you with confidentiality, lower costs and flexibility. The timetable is also placed in your hands, allowing you to avoid the risk of having your case not finished or adjourned.
Valuing assets can be challenging for some situations
Valuing complex assets, such as a business, can be challenging when you’re getting divorced. In this situation, it’s usually advisable to obtain independent valuations to help ensure it’s divided fairly. Knowing who is entitled to other assets can also be challenging if one of you purchased them before you were married.
Hiding assets and knowing about marital debts
Discovering hidden assets is also a factor that must be considered when you’re getting divorced. A bitter spouse may try and hide a number of assets by transferring them to a trusted friend or using an overseas account. Using a specialist who can track down and find hidden assets can be critical in ensuring you get what you deserve. In contrast, it’s also vital to ensure you’ve uncovered all marital debts. Obtaining credit reports can help identify any hidden liabilities affecting you.
Taking time to examine all aspects of your high asset divorce is essential. Doing so can eliminate any financial regrets you might have in the future.