Going through a divorce can be a challenging and stressful experience, especially when significant assets are at stake. A high-asset divorce case can be more complicated than a regular divorce due to the complexity of property division and asset valuation. Therefore, it is crucial to navigate the legal aspects with the help of an experienced divorce attorney.

If you are currently dealing with a high-asset divorce in Oklahoma or are preparing for one, there are some tips and strategies that can help you protect your assets and secure your financial future. In this article, we will explore these strategies and provide guidance on how to handle a high-asset divorce effectively.

Work With A Reputable Divorce Attorney

Finding a reputable and experienced divorce attorney who specializes in high-asset divorce cases should be one of your top priorities. These attorneys possess the necessary knowledge and skill set to guide you through the complexities of property division and asset valuation. With their expertise, they can ensure that your interests are protected, and you receive a fair settlement.

Identify And Value All Assets and Liabilities

To achieve a fair division of property, it is essential to identify and accurately value all assets and liabilities. In a high-asset divorce, various assets may be involved, including real estate properties (such as the family home, vacation homes, rental properties, and commercial properties), business assets (including ownership shares, stocks, and partnerships), financial assets (such as bank accounts, investment portfolios, and retirement accounts), collectibles (such as art, antiques, cars, and jewelry), and debts and liabilities (like mortgages, loans, and credit card balances).

Working closely with your attorney, gather all relevant information, including account statements, tax returns, insurance policies, appraisals, and other necessary documents. Accurate valuation of assets and liabilities ensures a fair and equitable division of property.

Determine The Division Of Assets And Liabilities

Once all assets and liabilities have been identified and valued, the next step is to determine how they will be divided. In Oklahoma, the court follows the equitable distribution model, which means that assets and liabilities are divided fairly but not necessarily equally.

During the division of property, the court considers several factors, including the duration of the marriage, the earning capacity and financial needs of each spouse, the standard of living established during the marriage, the age and health of each spouse, and any non-financial contributions made by either spouse, such as homemaking, child-rearing, or support for the other’s career.

Moreover, it is vital to consider prenuptial agreements and postnuptial agreements, which can significantly impact the division of property. Providing such agreements to your attorney will help ensure their validity and enforceability.

Consider Mediation or Collaborative Divorce

Mediation or collaborative divorce can serve as beneficial alternatives to the traditional litigated divorce process. These alternatives involve working with a neutral third party, such as a mediator, to reach an agreement on the terms of the divorce, rather than having the court make decisions. Engaging in mediation or collaborative divorce can save you time, money, and emotional stress.

Protect Your Credit Score

Divorces can have a negative impact on your credit score, especially if debts are not divided fairly or if payments are missed. To safeguard your credit score, consider taking the following steps:

• Close any joint bank or credit card accounts.
• Remove your name from joint loans or mortgages, if possible.
• Regularly monitor your credit report for any unfamiliar accounts or credit checks.

By being proactive, you can minimize any potential harm to your credit score during the divorce process.

Plan For Post-Divorce Expenses

Lastly, it is crucial to plan for post-divorce expenses to ensure a smooth transition. Consider factors such as spousal and child support payments, legal fees, and lifestyle adjustments. Creating a budget based on your expected financial situation after the divorce will help you cover your expenses and maintain your standard of living.

Conclusion

Handling a high-asset divorce in Oklahoma can be daunting, but with the right strategies and guidance, you can protect your assets and secure your financial future. Working with a reputable divorce attorney, accurately valuing assets and liabilities, considering alternatives like mediation or collaborative divorce, protecting your credit score, and planning for post-divorce expenses are key steps to navigate the legal process successfully.