A divorce can be stressful even under the best circumstances for Las Vegas couples. But those that involve multiple assets worth large amounts of money can be challenging as well.
Recently, Bill and Melinda Gates made headlines when they announced that they were ending their marriage. The question came down to how they were going to split their assets and manage the financial and emotional challenges that come with divorce.
What Bill and Melinda are doing right
In the case of Bill and Melinda Gates, they had a separation agreement that would tell them how to split certain assets. While the couple got rich off Bill Gates’ Microsoft empire, Melinda still had an active role in their finances and the foundation they shared. Of course, they have a lot of money to weather this. That can’t be said for everyone whose marriages come to an end.
Protecting yourself in a high net worth divorce
There are a few things that you can do both before you tie the knot, as well as before you file for divorce. Your first step is to speak with a financial advisor who has your best interests at heart.
If you’ve been married for a long time, there is a good chance you and your spouse share a lot of assets. Your first step is to learn about all of your shared and independent assets. Learn what you have a right to, what you want to fight for, and what’s yours to begin with.
Some things that count as assets are:
- Brokerage accounts
- Insurance policies
- Bank accounts
- Investments (real estate or otherwise)
- Material items (cars, etc.)