A high-net-worth divorce is one that involves over one million dollars of liquid assets to be fairly distributed between a divorcing couple. Unfortunately, for some divorcing couples, money doesn’t always buy happiness, and marital bliss is never a guarantee.
A contested divorce that involves more assets than the average separation is one that requires careful navigation in order to ensure that divorce proceedings are fair and accurate. Here are some ways to approach a high-net-worth divorce that will get the process off to the right start.
Get Legal Representation
During a high-net-worth divorce, there are significantly more complications involved than with the average contested or agreed divorce. From dealing with unusual divorce factors like complicated asset portfolios to one spouse being uninvolved with finances, a high-net-worth divorce is one that requires help from an experienced divorce lawyer.
No matter how much money you have, divorce is going to be an emotional process that can easily result in financial ruin if lawyers aren’t involved. Your divorce lawyer can help you:
- Accurately and fairly divide marital assets
- Determine who pays spousal support and the amount owed
- Identify any hidden assets
- Come to a child support and custody agreement
It’s essential in any divorce to hire a lawyer who can help you think through your divorce decisions clearly and ensure that your future remains legally and financially secure.
Don’t Agree to Terms Without Consideration
One of the biggest mistakes you could make during any divorce is to just agree to any terms in order to get the divorce over with. We understand, divorce is a stressful experience, but approaching your divorce without considering the terms at hand for issues like child support, alimony, or property division, can result in unfair and financially crippling results.
The right divorce lawyer will be able to help you completely understand the terms of your divorce and approach a resolution at a swift pace that gets you even closer to starting your new life.
Understand the Attorney’s Objective in a High Asset Divorce
Your divorce lawyer has specific goals when ironing out your high asset divorce. During your work with your lawyer, expect them to:
- Identify all assets of the parties, whether community or separate property
- Seek to classify the property as either community or separate as to benefit the client’s interest
- Seek to place a value on all property in a manner consistent with the clients interest
- Seek the largest percentage of a share of the property for the client using any and all legal justifications for a non – 50/50 asset division
Be Open About Your Assets
When dealing with high amounts of assets, it’s always essential to be upfront with your lawyers about every asset involved within the marriage. One of the biggest mistakes an affluent individual could make is a hidden transfer of assets in order to ensure financial strength post-divorce.
A divorce lawyer’s job is to uncover every detail of a marriage’s dissolution, so anything liquid that is moved around will likely be discovered. This discovery will often result in a substantial punitive penalty imposed by the court.
Get Your Divorce Settled Quickly Through Marx, Altman & Johnson
Even though your divorce may not have millions of dollars on the line, you’ll still want the best representation possible throughout the process. The divorce lawyers of Marx, Altman & Johnson have decades of experience in handling divorce situations of all types. From a severely contested divorce to complex property division, our experts can help you find the answers to all of your divorce questions. Contact us to schedule a free consultation that will give us deeper insight into how we can help.