When one approaches a high net worth divorce, they often experience the normal complexities of divorce along with additional hurdles such as a more extensive list of assets, complicated business ties, valuations concerns, etc. This often leads those going through a high net worth divorce to be stressed and overly protective of their finances.
Regular divorces are stressful enough let alone one with these additional hurdles. To help ensure one has the right support and makes the right moves in their divorce process, we encourage them to reach out to a divorce attorney who is experienced in high net worth cases. In the meantime, following this list of do’s and don’ts can help to stay on the right track:
When parents go through the divorce process, some may not think through what parenting with their ex will be like once the divorce is final or they may have assumptions about it. Co-parenting brings on a whole new relationship and situation to navigate. While some parents find that co-parenting with their ex is easier than parenting when they were married, others may find that it is harder since they would rather not have to be in contact with their ex at all.
Co-parenting can be a challenge at times; however, with the right mindset, parents can approach the situation positively and set themselves, their children, and even their ex up for success. One way to help divorced parents approach co-parenting is to discuss a few misconceptions that each side may have. Below are a few of these fallacies that, if avoided, can help the process go smoothly:
When one spouse knows that a divorce is the right thing for their marriage, approaching the other spouse can be dreadful. It is true that the feelings are largely dependent upon the reason for the divorce, but in many cases, those feelings are uneasy and stressful regardless of the reason why.
To help prevent chaos when one is communicating the need for a divorce to their spouse, they must take into consideration their spouse’s feelings and needs. Doing this can help the communication between the spouses and can ultimately help the divorce process. If you are approaching a divorce, below are some tips for bringing up the topic of divorce with your spouse:
Going through a divorce is not an easy journey. One way it is made even more complicated is when children are involved. Most parents naturally want the best for their children but face a conflict when they must give up some of their precious time with their children due to a divorce or a custody proceeding. Consequently, this can be one of the reasons for a custody battle.
We cannot stress enough that leaning on an experienced divorce attorney when approaching a custody case is one of the most important things that a parent can do along with keeping the children’s best interests in mind. Ensuring one has the right attorney can make a world of difference in the result of their case. In addition to having the right representation, following the below tips can also help:
Nearly 50 percent of all marriages in the United States end in divorce or separation. Even if couples are aware of this statistic, many of them still do not think a divorce could happen to them. Whether or not a couple expects to be confronted with a divorce or not, it is wise to think through the “what ifs” of a marriage. What would you do if you were faced with a divorce? What would happen to your finances? Who would get the house? What part of the family business would you receive, if any?
Since many marriages end in divorce, the topic of prenuptial agreements, while not an enjoyable subject to discuss, is an important one that can bring clarity to financial issues should a divorce occur. There are many misconceptions about prenuptial agreements, and to help you make an educated decision on whether a prenup is right for you and your marriage, we listed a few of those myths below:
When someone approaches divorce, they may immediately picture themselves in a court setting with their divorce attorney by their side, the judge in front of them, expensive fees being taken out of their bank account, and a difficult spouse on the other side of the room. This picture is what we see in movies, and while some aspects of it can occasionally be true in some cases, it is not the norm.
There are options when it comes to the divorce process, and finding which option best suits a divorcing couple greatly depends on the situation, the relationship between the spouses, and what circumstances are at hand. Before deciding on a process, we recommend consulting with an experienced divorce attorney who is well-versed in many different divorce processes so they can give the divorcing individual an expert opinion on which process may work best for the situation. If you find yourself in this situation, we outlined the most popular divorce processes below to help give you an idea of what may work best for you:
Divorce can be an emotional challenge for many. The thought of starting a new routine may be difficult to handle as well as thinking about financial burdens that may come out of the divorce process. It is important to stay positive as starting a new chapter in life can be challenging but also rewarding. In addition, we advise anyone going through a divorce to have an experienced divorce attorney on their side because their attorney can navigate the complex divorce process and help to protect their client’s finances.
One financial topic that will need to be covered during a divorce is that of retirement funds. This topic can be of great concern since retirement assets are valuable and important to many. To help you understand what may happen to your retirement funds during a divorce, we outlined a few of the most common retirement accounts and processes below:
When many people think of divorce, they may picture a couple litigating their case in the court system. It is important to know that there are multiple divorce processes someone can choose from aside from a traditional divorce via the court system such as divorce mediation and a collaborative divorce. While a traditional divorce might be the right process for one couple, another couple might benefit from going a different route such as divorce mediation.
To figure out which process is right for you, we recommend looking into each option so you can make an educated decision for your specific situation. To help you get started, we have outlined the top questions and answers below about divorce mediation:
If one or both spouses in a divorce owns a business or a shared ownership of a business – whether big or small – this will most definitely play a part in the divorce process. There are many items to consider when one or both spouses is involved in a business and they are going through a divorce. For example, if both spouses are a part of the business, will one of the spouses end their role in that business? Will they sell their interest in the business to the other spouse or will both spouses agree to have the business sold in its entirety?
A business can add an extra layer of complexity onto the divorce process. Because of this, it is important to have trusted legal counsel that can advise as to how the business interests should be addressed in the divorce proceeding, including whether to obtain a business valuation from a reputable firm or an accredited valuation analyst. In regard to the business valuation, it is sometimes beneficial for both spouses to agree on a single valuation firm or individual to complete the process because the process of valuing a business is time-consuming and expensive. However, there are cases where the legal issues involved might require the retention of an expert solely to advocate your position. An experienced divorce attorney can help you with your specific business valuation. In addition to the above information, below is more information you should know about business valuations when going through a divorce:
A divorce is a complicated process – from dividing assets such as bank, investment, and retirement accounts to the determination of who will retain the marital residence. A way to make it less complicated and less stressful is to be knowledgeable of the topics that will need covered and resolved during the divorce in addition to leaning on an experienced divorce attorney. One of the topics to be prepared to cover is debt. It may not be the first item that comes to mind, but if not considered thoroughly, it can have a financial burden on one or both of the parties involved in the divorce.
There are many considerations when it comes to debt during a divorce. What if one spouse is hiding credit card debt from the other spouse or one spouse is under the assumption that the other spouse’s student loan is not their responsibility? It can be a game changer for anyone’s divorce. Because of the significance that debt can have on someone’s financial situation, it is important to understand and take control of debt before a divorce occurs. If you are going through a divorce, or about to go through a divorce, below is some information to keep in mind regarding debt: