One of the major worries that many experience when going through a high net worth divorce is that of protecting their assets, and rightfully so. Assets can make or break someone’s future and can also impact the future of their children if children are involved. Due to this, when someone who has been in this situation is ready to remarry, the thought of their assets may be top of mind.
Protecting assets in a new marriage can be even more complicated and important – especially if one or both of the parties involved is a high net worth individual. If you are someone in this situation, or if you anticipate getting remarried, consult with an experienced attorney about how you can protect your assets to ultimately protect your future and the future of your family as you start this new journey. In addition, we recommend keeping these tips in mind:
Divorces are not easy. They are emotional, stressful, and often involve many financial expenses. If you are planning a divorce, you may feel overwhelmed when thinking about all of the different factors that you will have to sort through – from spousal and child support to distribution of property and life insurance. Because of these factors, we highly recommend that you lean on a divorce attorney who has the experience to guide you through the process and achieve the best outcome for you and your family.
In addition to consulting with your experienced divorce attorney, we encourage you to step back, take a breath, and evaluate the situation and what is to come before making any sudden decisions because these decisions will impact your future. Below are some additional tips to keep in mind as you plan for your divorce:
A high net worth divorce is more complicated than a typical divorce in many ways. The topics of business interests, real estate, finances, and investments, among other items, create a more complex situation.
One of the best things you can do if approaching a high net worth divorce is to lean on an experienced divorce attorney. The right attorney for your case will help you navigate all the topics that will come up as part of the divorce process. In addition to contacting your divorce attorney, you can also educate yourself on some divorce topics so you feel more mentally prepared. To help you get started, we put together the below list of tips to keep in mind if approaching a high net worth divorce:
Many couples who are experiencing difficulties in their marriage consider separating from their spouse before taking that drastic next step of getting a divorce. They may try to take time apart to sort out their differences in hope that they can come together again to reconcile their marriage – especially if their marriage is more complex (e.g., they are in a high net worth marriage, children are involved, or they own a family business).
If you are thinking about separating from your spouse, you may be wondering what a separation is, how that differs from divorce, and what your options are. Below are some questions and answers to help you navigate this topic:
There are many hardships that people may think about when the topic of divorce comes up – that of sharing custody of your children, splitting your assets, and dealing with the emotional side of things, especially if you believe you were treated unfairly, subjected to abuse, or if your spouse was not faithful in your marriage.
While a divorce may not be easy for someone to overcome, there are a few upsides to consider. If you had issues in your marriage that led to divorce, those issues will most likely dissipate after your divorce is final, and you can take time to rediscover yourself and create a new path for your future. One item that many overlook as being positive during a divorce is that of finances; however, there can actually be some financial perks as a result of a divorce. Below are some of the financial advantages to consider:
When a couple is approaching marriage, the last thing they probably want to discuss is the topic of prenuptial agreements. The topic is not easy to bring up and may make someone feel that their soon-to-be spouse already anticipates their marriage failing. However, in reality, the topic of prenuptial agreements can help to ease anxieties about unfortunate circumstances that can arise such as death or divorce.
If one of the individuals that is getting married has a high net worth, a prenuptial agreement may be more often considered since there is so much more at stake in this type of marriage. Having a good premarital agreement means understanding and recognizing the rights, assets, debts, and income of a future spouse, especially in the case of high net worth individuals. If an agreement is something that you are considering, and if you or your soon-to-be spouse is considered a high net worth individual, below are some Q&As to help:
Life after divorce can be scary if you do not know what to expect, and for many, that may be the case. If you are approaching a divorce and feel like you do not know what is ahead for you, one of the best things you can do for yourself and your family is to find an experienced divorce attorney that you can trust and lean on throughout the process. With that task accomplished, you can feel confident for what is ahead. Another way you can feel more prepared is by doing research – especially on the items that worry you the most.
One of the items that you may be unsure of as you approach your divorce is that of employer-based benefits. If you have health insurance through your soon-to-be ex-spouse’s employer, will you and your family remain covered? If you are the policyholder through your employer, will you have to keep your ex on your plan? What happens to life insurance, dental coverage, and 401(k) plans? The topic of employer-based benefits is complicated and there is much to keep in mind. Due to this, we have outlined some of the information you may need below:
High net worth divorces can be extremely complicated due to the assets, investments, and businesses involved. The added layer of complexity that high net worth cases bring can have many couples panicked and feeling protective of their share and interests.
One of these main interests that couples may worry about is that of their children. Not knowing how your high net worth divorce will play out for you and your children can be frightening, but rest assured, if you have a trusted divorce lawyer by your side, you will be sure to have yourself, and the best interests of your children, covered. If you are still wondering how your net worth can affect child custody, child support, etc., below are some questions and answers to help:
Divorce can be a daunting topic and situation to approach. When many think of divorce, one important item that usually comes to mind is the topic of alimony. Some may worry that they will have to pay a large amount of alimony each month while some may worry that they will not get their fair share of alimony. Another assumption that many may make regarding alimony is that, when alimony is involved, it needs to be decided by the court; however, that is not the case. Mediation can be used to reach an agreement without the necessity of court intervention.
Before sharing how mediation can positively impact alimony, let’s discuss the difference between determining alimony in court vs. determining alimony via mediation. If going the court route, the court may award alimony only where it finds such is necessary, as alimony is a secondary remedy as part of equitable distribution of the marital estate. This is a complicated determination that is dependent on 17 factors specifically set forth in the Pennsylvania Divorce Code. Learn more about those factors here. When going the mediation route, you and your spouse can collaborate on a solution with the control in your hands without relying on a judge to make these decisions for you.
Many divorcing couples have a laundry list of items that they know will be a part of their divorce communications and settlement – their children, house, cars, family business, vacation rental, 401K, etc. However, one item that many people do not think to add to this list is the subject of college for their children.
Tackling any and all subjects alongside your experienced divorce attorney during your divorce and clearly agreeing on them with your soon to be ex-spouse will help you avoid going to court or running into hurdles down the road. Due to this, college is a topic that should be included during the divorce process if children are involved. Below are a few college-related topics that should be discussed during your divorce settlement: