Couples in Columbus, Ohio, are as susceptible to divorce as couples in any other city. This means that a marriage should be prepared for the worst, no matter what the circumstances are, but especially if a couple has a large amount of wealth. If the couple is not prepared, a High Asset divorce can be hectic and complicated. And worse yet, the relationship may quickly become less than amicable.
In the case of divorce, the first thing that should be remembered is that you need to keep your head clear. If emotions enter the mix, your requests may become unreasonable. Your soon-to-be former spouse will likely expose his or her emotions if you expose yours, and the stereotypical divorce bout could begin.
Instead of allowing this to happen, try to be systematic about the situation. One of the most important things that needs to be done is a review of your current financial position. By determining the values of your income, assets, debts, monthly expenses and investment accounts, a better understanding of the divorce proceedings may appear. If you cannot get this information from your spouse, it will be provided during the divorce process.
The next step should be to separate assets, debts, income and expenses into two groups: those that you wish to give to your spouse and those that you wish to keep. If you have an attorney at this point, he or she can assist by providing an estimate of the division of debts and assets. Your lawyer may even be able to predict what kind of decisions will be made in regards to child support and alimony.
Perhaps one of the earlier moves that should be made is the separation of financial accounts. Many married couples share bank accounts and credit cards. If this is the case, be sure to separate yourself from these by creating individual accounts. If you have direct deposit, make sure that the income is being deposited into these new accounts.
Other steps that should be made include an examination of your estate plans and changing them as needed. If you had your spouse listed as your primary beneficiary and you do not want this to be the case any longer, be sure to remove them as the beneficiary and replace them with someone else.
Source: Miami Herald, “Facing the financial facts of divorce,” Andrew Menachem, Mar. 10, 2012