Divorce is more than just a separation from your spouse. It also involves sharing assets and negotiating the financial well-being of both parties. These negotiations can be at high stakes in some cases, considering the amount of money or assets involved.
So, in case you are going through a high net worth divorce, it would be best to work with a family law lawyer who has enough experience navigating through such cases.
In addition to this, you may also explore the tips below:
1. Understand the Marriage Lifestyle
Your attorney will need to have a clear picture of all assets and liabilities involved in your marriage in order to help you effectively.
Assessing the kind of lifestyle you had during the marriage can give you the right estimation of the assets and liabilities that you’d expect declared during the divorce.
If there are discrepancies, your attorney will advise you on the most appropriate course of action.
2. Hire Financial Experts
A financial expert can help you audit your assets and determine the exact value that they have. Besides, sometimes complex assets may be involved in high net worth divorce.
Things like stocks, bonds, pensions, and others will often need someone with financial expertise to assess them and determine their value.
Also, if an expert does the valuation, then it is likely that both parties will feel the process is fair.
3. Don’t Rush
Going through a divorce is always difficult and there are many tough emotions to deal with. It’s, therefore, understandable that people want everything to be over as fast as possible.
But this is a huge mistake. Once the terms of the divorce are settled, it will be very hard to revise them in the future.
So, before you agree to anything including alimony, division of assets, and other stuff, make sure you take time to read through everything. That way, you can be sure that you are getting a fair deal.
4. Don’t Hide Assets
It is always in your partner’s best interest to ensure that the divorce is resolved amicably. Yes, divorces can get ugly but this only serves to make the whole process more difficult than it should be.
So, there is no need to hide assets or transfer them to a third party. This will easily be seen as an act of bad faith and it will make negotiations harder than they should be.
Besides, the longer the divorce drags on, the more expensive it will be.
5. Think About the Tax Implications
There may also be certain tax ramifications affecting the distributable assets in the divorce.
Typically, your attorney will discuss this with you and bring in an accountant as well to ensure nothing is left to chance.
Settling a high net worth divorce can often be very nerve-racking. But with a good high net worth divorce attorney, you can easily navigate through this process.
You should get in touch with Napa Divorce lawyers in order to learn more about this process!