Divorcing from your spouse is a stressful enough ordeal without having to consider your property. However, in Wyoming, equitable distribution laws could result in you losing precious assets.
If you have high-value assets, you will want to stay in control of them as much as possible.
1. Be proactive
High-net divorces are inherently more complex than others, so the more prepared you are, the easier it will be to navigate the process. In Wyoming, the courts ultimately decide what is the fairest distribution of assets. Decisions sway based on the types of property, the value of assets, your income and debts, ownership of the assets and more.
2. Hire an accountant
An accountant can help you take stock of your assets. This could include property, businesses, investment accounts and even valuable collectibles like art or personal belongings. Your accountant can also help you figure out the tax implications. Settlements and alimony, for example, could result in a tax increase you were not expecting.
Consider what assets are most important to you and prioritize fighting for those. You may be able to reason with the court system or your spouse if you offer assets in order to retain ownership of others.
4. Track your spouse
Keep tabs on all of your financial records, especially if you have a suspicion that your spouse is hiding assets. Check for missing financial documents, odd decreases in account balances or adjustments in income. Catching them could sway things in your favor.
5. Be honest
Hiding assets has legal ramifications, so do not try to hide anything. If someone finds out, you may have to pay additional fees or face charges of fraud.
Staying prepared, flexible and ready to bargain is the best chance you have at smoothly navigating a high-asset divorce.