When you and your spouse have thriving careers and businesses, you are able to build a comfortable life together. You accumulate valuable assets and property together. Therefore, divorcing couples will find that one of the most significant adjustments they will experience in a divorce is dividing their assets equitably. The divorce might significantly impact each spouse’s net worth and revenue stream.
Here are helpful tips you should consider before proceeding with the divorce process.
Document your assets
Sometimes, one spouse will not be privy to the financial decisions of a marriage. They have no idea where the money comes from or how much wealth they have accumulated. They might not even realize they are a major shareholder in their spouse’s corporation. You must know all your assets and the location of these assets in a divorce. Find out where your assets are and how you can access them.
Employ skillful representation
In Pennsylvania, the court will divide marital assets in a fair and equitable manner. They will base their decision on the documents you and your former spouse will provide. However, land titles and bank statements are not enough. When valuable and profuse assets are involved, you should enlist the help of capable experts such as accountants, actuaries, valuation experts and financial consultants. Their knowledge and skill will allow you to determine the exact and appropriate valuation of all your assets and liabilities. They can also advise you on tax repercussions.
Similarly, an experienced attorney can help you with subpoenas and the discovery process. A capable team will solidify your stance and can give you a better understanding of the properties and assets that are more favorable to keep or forfeit. They can also guide you in negotiating a beneficial divorce settlement.
Keep business and personal affairs separate
Divorce proceedings can cost a fortune. It would be best if you did not treat your business as an ATM, frequently withdrawing cash to win or finalize the divorce as fast as possible. A divorce is always personal. Try to avoid muddling your personal affairs with your business affairs. It will only complicate the process further and cause obscurity with your finances.
How you go about your divorce can alter your entire life for better or worse. You need to prepare yourself and tread carefully.