Going through a divorce can be devastating, emotionally and financially. The stakes go up even more when high-ticket assets are involved. Here are a few steps women in West Virginia can take to protect themselves and minimize unpleasant outcomes.
Navigating a divorce
Successfully navigating a high net-worth divorce involves taking a few essential steps. Make sure to account for all your assets and understand their value. Ensure your soon-to-be ex-spouse has not hidden any assets. Calculate how much alimony and child support you may be entitled to after the divorce. If you signed a prenuptial agreement, consider how that will impact the divorce proceedings and your assets.
Your state will determine how marital assets get distributed after a divorce. Before they get distributed, they must be accounted for and valued. Awareness of your property and what your state considers marital property is essential. With a high asset divorce, things like businesses, luxury cars, investment accounts and real estate all must be valued properly before distribution.
If all assets are not accounted for and valued before the divorce gets finalized, you will no longer have a right to them unless you can prove otherwise later on. Suspicious actions may make you realize your soon-to-be ex-spouse has been hiding assets. For example, the individual may have never told you how much they earned or may have purchased high-value items without explaining where the money came from.
Alimony and child support
Alimony can help the less affluent spouse support themselves after the divorce without compromising their standard of living. Child support ensures children receive proper care after a divorce. Knowing what you may be entitled to is essential during a high-asset divorce.
While divorces are usually stressful, preparation can go a long way in making a difficult situation easier. The earlier you know what you are entitled to, the better your results will be.