It is reasonable that you are finding it hard to focus on anything but your feelings when it comes to your divorce—which is an intensely emotional process. It is likely that you are feeling an immense amount of grief about leaving this vital relationship in your life, as well as fear and uncertainty about the future, guilt about hurting your children (if you have any), and self-blame. If you are confused about what step you should take next, consider contacting a Family Law Center for Men
How do you handle non-traditional finances and high-value marital assets during divorce?
Understanding what assets are typically considered as “traditional” for a spouse to bring to their divorce proceedings—such as automobiles, a marital house, bank, brokerage, and retirement accounts—is necessary before addressing non-traditional assets. An alternative investment is a different term that can be utilized to denote something that is referred to as a “non-traditional asset.” This could include items such as:
- Cryptocurrency
- Accounts offshore
- Internet Income
- Social media assets
- Digital Intellectual property
- digitally
- Data storage
- Real estate, collectibles, and fine art;
These kinds of assets provide a hurdle in divorce proceedings for a number of reasons. As an illustration:
- Recognizing and Assessing Non-Traditional Assets
You and your spouse must collect a list of your marital assets, and you must also gather supporting documentation for each non-traditional asset, including tax returns, financial statements, property deeds, business estimates, appraisals, stock certificates, partnership papers, license agreements, and any other relevant paperwork. In addition to having you acquire these documents, a skilled attorney can make discovery requests, look into financial records, speak with accounting professionals, and more.
- Creating A Strategic Divorce Plan
You need to figure out whether an asset is owned jointly, individually, through a corporation, trust, or partnership before worrying about “who gets what.” After that, you and your lawyer can start developing a fair and equitable plan for splitting up the assets. Several possible strategies consist of:
- Trade-offs and offsets
You and your partner may be able to reach a mutually beneficial agreement by “trading off” or “offsetting” assets. For example, they may decide to give up a share in a company in exchange for a more significant portion of the real estate or investment accounts.
- Buyouts or buy-sell agreements
It refers to situations in which one spouse can buy out the interests or holdings of the other or in which both spouses agree to sell an asset to a third party and share the revenues.
- Asset partitioning
This may involve establishing different ownership interests or dividing tangible assets, such as real estate or priceless collections, into other shares.
- Deferred distribution
It refers to the terms of a settlement agreement with provisions relating to future asset distributions, like future buyouts or contingent payments.
- Innovative approaches
It is based on each couple’s unique financial situation, profit-sharing plans, license agreements, or other financial structures that take account of the objectives and interests of both parties may be beneficial.
- Fair Settlement Negotiations
In order to avoid their private and financial matters from being made public or revealed by the media, many wealthy couples choose to employ cooperative or alternative conflict resolution techniques like mediation to settle their divorce. For any of these methods to be effective, the couple must be prepared to collaborate in good faith without sabotaging the effort or being uncooperative.
In a situation in which the couple finds that one or both of these methods are inappropriate due to reasons such as excessive conflict, the uncovering of one spouse’s concealed assets, or another issue, they must then negotiate the distribution of their assets through traditional court proceedings. An experienced lawyer may use different strategies, like automatic orders, to stop the other spouse from hiding or transferring assets during the divorce process.
