Keeping your financial sanity in a high asset divorce

| Mar 3, 2021 | Divorce |

There is so much at stake when a couple decides their marriage is no longer working and that it has come to an end. This can be especially so financially for Missouri couples embroiled in high asset divorces. Even if a couple is on solid ground when it comes to finances, professionals say neither person should make hurried decisions with assets when going through the divorce process.

A checklist is a friend

When assets and debts are chronicled on a checklist — according to a financial advisor at a top banking institution — they’re easier to keep track of. This list could also include such pertinent information as Social Security numbers. These lists can be taken to professionals for review and for independent advice. These people can include lawyers, accountants and financial planners.

Other documents

Professionals may also want to see other documents that may have some bearing on a divorce. They can include:

  • Life insurance policies
  • Estate planning documents like wills, powers of attorney, trusts
  • Retirement plans
  • Any marital documents like a prenuptial agreement or a postnuptial agreement

Some of these important papers could also speak to assets and debts and may help to sort out any disagreements over who gets what.

Missouri couples who have made the decision to divorce have many issues to sort out, including their financial situation. When it comes to a high asset divorce, both spouses should think about seeking independent advice from a family law attorney before signing on the dotted line or agreeing to anything in principle verbally. Laws that pertain to divorce can be complex and often confusing so moving forward cautiously may be the best thing.