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Asset discovery is critical with a high-asset divorce

The asset discovery process is important in any divorce case. You need to know what you own in order to determine how it gets divided. While this sounds straightforward, you would be surprised by how many common assets people forget about or do not fully understand.

That said, this process is even more important during a high-asset divorce simply because of the complexity of the estate. You may own assets that even you do not realize that you own.

For instance, who handles your investments? If it is your spouse, how much do you know about exactly how your money is invested at the moment and what those accounts should look like? Many spouses who are more hands-off with their finances do not really know the details. They know they have money in investments, and they may know how much they put in initially, but they do not know what they have at the moment.

You may also want to think about assets that you cannot even touch at the moment. Does your spouse have a pension plan at work? Do you have a right to a portion of that pension when they retire? That retirement may not even happen for a decade or more, but that does not mean you have no right to that money in the future.

These are just two examples, but they really help to show how complex these cases can get and just how much money is at stake. If you are going to get divorced, make sure you take the time to really understand your rights.

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