The stakes can feel high regardless of your financial situation when you are getting a divorce. You are already going through an emotionally turbulent time, you may have children involved, and you may be fighting to keep family heirlooms that have personal value to you. However, if you are dealing with a spouse who has a high net worth or if you have a high net worth, this can add fuel to the fire. You may be concerned that your spouse will try to steal as much from you as possible before the divorce is over–and that they’ll continue taking from you long after the divorce is finalized–or you may be concerned that you will be left with nothing and that you will have to start from scratch. If you are about to embark on a high-net-worth divorce, you should speak with a lawyer as soon as possible to see what options are available to you.
What mistakes can you make in these divorces?
There are plenty of mistakes to be made in any divorce case. However, more is on the line in a high-net-worth divorce.
- Trying to skip to litigation. You may have heard that the best way to fight for your assets is to go straight to the courtroom. However, you will likely benefit much more from a quieter approach: mediation. Mediation can help you and your soon-to-be ex sit down and have a goal-oriented conversation. What are you both hoping to get out of this? What is best for your children (if you have them)? How can the low-earning spouse be supported in a fair way after a divorce? Going straight to litigation means leaving the final decision in the hands of a judge.
- Assuming you deserve more out of a divorce. If you were the spouse who stayed home and gave up a career to take care of the home and the kids, you may feel you are finally entitled to more. If you are the spouse who has been earning more money and financially taking care of the family, you may not be ready to let go of what you have worked hard for. Though neither of these feelings is wrong, entitlement can lead a person to stick their head in the sand and never come up. Understand that you have both played roles in allowing you (as a couple) to be successful. When you can agree on this, equally dividing things becomes much more likely.
- Avoiding working with a lawyer. There is almost never a good time to get a divorce and not have a lawyer. Especially when the divorce is a high-net-worth divorce, you want to ensure you are working with an attorney, according to a high net worth divorce attorney from our friends at The McKinney Law Group. Even if you think your divorce will be amicable, you may be blindsided by what your partner is doing. A lawyer will be there to ensure our best interests are considered throughout the proceedings.
When you are ready to work with a lawyer for your high-net-worth divorce case, schedule a consultation with your local office now.