Divorce presents many stressful challenges. Even in an amicable divorce, splitting up can put immense strain on finances, mental health, and the dynamic between parents and children.
A primary challenge you will face is that of compromising on various divorce terms. Individuals always have their own needs and priorities especially in a high-asset divorce with complicated asset circumstances. You can prepare for negotiations by knowing some of the difficult compromises you may have to make with your soon-to-be ex-spouse.
- Business stakes
If you are a business owner, it is likely that your spouse can claim partial ownership of your company as a marital asset. Your business is an important part of your livelihood, but you might have to be willing to sacrifice other assets if you wish to keep the enterprise intact after the divorce.
- Retirement assets
While you understand that real estate and finances are subject to asset division in divorce, you might not expect that your spouse can receive a portion of your retirement assets, even if they do not contribute to a retirement fund of their own. There are many different types of retirement assets, and the specific facts of your case should be considered when evaluating what compromises to make regarding retirement assets.
- Child custody and parenting time
Perhaps the most important compromises are those regarding child custody and parenting time. There are many things to consider when determining what custodial arrangements and parenting plans might work best for your transitioning family. Often, prioritizing the needs of your children will require you to consider compromising on various child-related matters.
Compromising is rarely easy even in the best circumstances. However, making informed compromises in your divorce may cut down on conflict and mitigate the need for court intervention during this sensitive time in your life.