Getting through a typical divorce can be difficult, but it can be made much more complicated when the couple has a high net worth and/or sophisticated or diversified asset bases. Many couples have accumulated a large number of assets, property, and money, making splitting apart significantly more complex. Because of the complexity of resolving high net worth divorce issues, it is helpful to seek guidance from an experienced divorce attorney. Your lawyer understands the need to work through even the most complicated matters.
Financial Concerns in Divorce
When a couple with a high net worth decides to divorce they need to immediately determine and list their assets. This is essential because both parties need to be sure they know about all of their property and other assets. It is important to realize that neither party should try to hide or conceal any money or accounts they have, because this activity will likely be exposed with sometimes devastating consequences.
Even couples who are in agreement at the start of the divorce could face some serious disagreements, especially where finances are concerned. Divorce can cause even the most reasonable person to become much more aggressive and disagreeable. High net worth divorces can take longer to resolve than divorces where couples have fewer assets. Although the extra time is necessary, it can also lead to a more hostile situation. Trust in your divorce attorney to take care of the issues as they arise and protect your interests.
Spouses involved in a high net worth divorce are often afraid of losing everything in the divorce. Couples who have previous spouses, and children, can be particularly concerned about their future finances after the divorce. Remember that you need to remain flexible and follow the process to ensure a fair result. Your attorney will work to protect your assets both now and in the future. If a prenuptial agreement is in place, it must be reviewed to make sure that it is enforceable. A prenuptial agreement will take precedence over standard equitable divorce settlement terms.
After the Divorce
There are some steps you can take after the divorce to further protect your assets. Make sure that you change your will, trust, pension, and retirement accounts to reflect a change in beneficiary unless prohibited by your final Decree of Dissolution. Speak with a reputable professional regarding your investments and savings and to create a plan that will benefit you in the future. Review all of your finances to make certain that they are protected as you move forward after your divorce.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Resolving High Net Worth Divorce, or other family law issues, please feel free to contact Jonathan D. Brooks at 480.461.5300, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.