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Making informed choices about property division during a divorce

On Behalf of | Jun 23, 2022 | Divorce

It might not be uncommon for couples to obtain various types and amounts of assets over the course of a marriage. If you and your spouse decide to part ways, you might have concerns about how best to approach the process, especially if you maintain a considerable amount of wealth and assets.

Going through a high-net-worth divorce can be a complex endeavor that might leave you facing various difficult decisions. With so much at stake, seeking insight on the factors that may play a significant role in the outcome of your situation could be an integral component to preparing to safeguard your future.

Dividing marital assets

Since Arkansas is an equitable distribution state, it may be helpful to know that, while the division of marital assets must be fair, it does not necessarily have to be equal. Some topics to consider when preparing for the process of property division may include:

  • Joint accounts: Compiling a list of all joint bank accounts may be one of the first topics to address, as these accounts may play a vital role in the division of marital property.
  • Marital debts: It may also be integral to address the topic of marital debts, and even debts accrued during separation may still be subject to the property division process.
  • Investments: With a considerable amount of wealth, it might not be uncommon to maintain substantial wealth in investment or retirement accounts. Covering similar topics while creating a strategy could prove imperative.
  • Real estate: You may also maintain numerous real estate assets, such as rental properties and the family home, and such assets could also play a significant role during property division negotiations.

Knowing the difference between marital and separate property could also be imperative, as assets that retain their separate identity might not be subject to property division.

Preparing for the process

Property division can be one of the most complex yet vital aspects of dissolving a marriage. Knowing how to identify and value marital assets and understanding the possible tax repercussions involved with your decisions are just two examples of essential topics to consider when creating a strategy for what comes next. Seeking guidance in addressing every vital factor and in understanding all your options may help you better prepare to create a strategy for legal proceedings that aligns with your wishes and needs for the future.