The end of a marriage can require a lot of planning for Nebraska spouses, as they prepare for many changes in their lives moving forward. This especially holds true if you’re involved in a high-asset divorce case, where the total amount of marital property is greater than $1 million. With a multitude of financial matters typically part of these proceedings, including 401(k)s, bank accounts, real estate properties, business valuations and more, being proactive before the division of marital property could prove invaluable to your future.
The state of Nebraska is an equitable distribution state, where the court divides all qualifying marital assets in what it deems as a fair manner. Since fair doesn’t necessarily mean equal, there is potentially a lot of uncertainty as to what portion of each marital asset could be subject to division. Fortunately, there are certain steps you can take before your divorce settlement that can increase your odds of receiving the maximum amount of marital property to which you are entitled.
How to best prevent complications from arising during the division of assets
One of the first critical measures you can take to lessen the odds of issues arising is to identify and place a value on all assets owned by both you and your soon-to-be ex. After this is complete, you will need to determine which of the assets classify as separate property and which classify as marital property. You must account for any third-party claims to certain assets from close family members or other individuals.
Sadly, the possibility of hidden assets exists in many of these cases. Examples of items that spouses have purposely omitted from their divorce proceedings include offshore bank accounts, stock options, jewelry, artwork, vehicles purchased with minimal to no paper trail and some forms of real estate. Thankfully, there are professional resources readily available to you that can help minimize the chance of any qualifying items going unaccounted for.
Other considerations that can affect your financial future
There are several other aspects of your high-asset divorce where doing your due diligence can be in your future best interests, including the following:
- Determining all potential tax consequences
- Taking future child support payments into consideration
- Accounting for all marital debt that will be subject to division in the same manner as the assets
- Considering any major future expenditures for yourself or your children
With so much at stake financially and so many complex issues throughout the divorce process, you may be feeling a bit stressed during this challenging time. Fortunately, by taking a proactive approach and utilizing the guidance and support of an experienced family law attorney, you can significantly increase the odds of receiving the best divorce settlement possible and moving on to a brighter future.