Having a high marital net worth can be wonderful. Spouses who have less financial stress often do better. However, it takes much more than good financial health to make a marriage work. People with high net worth can and do get divorced frequently. Having a large amount of valuable assets to divide is often a factor in complex divorce. The more assets you have, and the harder to divide those assets are, the more complicated your divorce is likely to be. Many couples who have managed their finances strategically have property like stock holdings, real estate investment properties, and retirement savings. Some even built up their net worth through a professional practice or a family business. If you and your spouse share complex or valuable assets, it is important to involve an attorney who is experienced with these legally challenging divorces.
Helpful Tips for Divorce With Wealth
There are strategies spouses with high net worth can use to protect their joint wealth during the divorce, and some each individual can use to protect their own wealth. You may wish to consider:
- Uncontested divorce - High asset spouses should strongly consider using divorce mediation or attorney-facilitated negotiation instead of deciding to go to court right away. Using alternative divorce resolution can minimize the costs associated with a legal battle.
- Involving professionals - In addition to divorce lawyers, you may need forensic accountants, business valuators, appraisers, and other professionals who can help you ensure that your financial picture is clear. These professionals can also help you find all the documents and evidence you may need.
- Identify personal property - Some types of assets may belong to you and you alone, such as any inheritances or gifts you have received individually.
- Be creative - Creative solutions to complex problems can sometimes work. Spouses who are dividing complex assets sometimes find surprising compromises or ways of doing things that work for them. For example, some more amicable divorced couples find that they are quite able to continue collaborating on a profitable project.
- Be cautious about publicity - If there is a chance that your divorce could become a matter of public interest, it is important to approach the media in a very strategic and cautious way. You should consult your lawyer before appearing publicly.
High asset divorce can become very complicated very easily. It is important to choose an attorney with experience handling these complex cases....