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Keeping what’s yours in a High-Net worth divorce

June 2, 2020 | Firm News

You knew that your spouse has been thinking about a divorce for a while, but you were surprised when they finally handed you the paperwork. You hadn’t actually taken them seriously. With the document in hand, you now realize that you need to take steps to protect yourself. 

You and your spouse live a good life in Colorado. You are both high earners, and you have a large number of valuable marital assets. You want to protect your right to as many assets as you can. What should you do?

Negotiation is the key in a High-Net worth divorce

To start with, remember that negotiating is key in divorce. You and your spouse have a large number of valuable assets, so you first need to have those assessed. Once you know the value of that property, you’ll be better able to seek a fair portion of your marital assets.

Here’s an example. If you own two boats and two vacation homes, you’ll want to get the assets assessed. If the homes are valued at $125,000 and $225,000, and the boats are worth $15,000 and $70,000, that will give you a good place to start. To divide your assets equally (or as close to equally as possible) you may want to ask for the $125,000 home and both boats, while your spouse may want to take the single property. You would still not have an equal share, so you may want to negotiate for another $15,000 worth of assets to make the asset division fair. On the other hand, you may also opt to sell all of those assets and to split the proceeds.

A High-Net worth divorce can be complex, but your attorney is there to help. Our site has more on what you can do to make this an easier process and to decide on settling or going to court.

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