Financial preparations may prove vital in high asset divorce
After accumulating a considerable amount of wealth, most individuals want to do what they can to protect their assets. Unfortunately, some unexpected life events can cause some Kentucky residents to face financial impacts that could cause considerable upset. High asset divorce can easily result in parties losing some of their funds and other property, and therefore, individuals may wish to do their best to prepare in hopes of lessening negative outcomes.
One of the first steps those confronting divorce proceedings may wish to take is to gather financial documents. Information relating to bank accounts, retirement savings, investments, debts and similar aspects could play a role in allowing parties to understand their current situation and how the divorce could impact their finances. Because it can take time to gather all the useful documents, it makes good sense to begin as soon as possible.
It may also prove wise for parties to prepare to face conflict and resistance. High-asset situations can be especially stressful, and one person may not wish to provide necessary information. When such stonewalling occurs, the case can drag on. Those who anticipate this potential scenario can prepare for possible court fees and other expenses that may accumulate while pursuing appropriate options to protect their rights.
When met with resistance and needing financial documents, some Kentucky residents may feel at a loss as to how they should proceed. However, there are legal options that could help interested parties obtain the information they hope to gain. Discussing these options and strategies with legal counsel can help to manage the financial challenges of a high asset divorce.
Source: nerdwallet.com, “7 Ways to Ready Your Finances for Divorce“, Elizabeth Renter, May 30, 2017