The topic of finances can make a lot of people cringe or feel uncomfortable. Perhaps they do not want others to know how they are spending their money or maybe they are not aware of their entire financial picture. Regardless of the reason, when someone is approaching a divorce, the topic of finances needs to be addressed.
Someone who is facing a divorce should know what their budget is, including their household income and expenses, while also thinking about their lifestyle and standard of living. This information will be necessary for the purposes of settlement discussions and litigation, including support, alimony, etc. If one wants to maintain their standard of living post-divorce, they need to prove what that standard of living entailed, including normal monthly expenses.
We understand that, in many households, only one spouse oversees the majority of finances. If one finds themselves in a divorce situation and they need to document the details of their financial picture, consulting with an experienced divorce attorney should be the first step, in addition to the following:
A couple who has a significant amount of assets are usually considered to be high net worth individuals, and when that couple gets a divorce, their divorce is likely to be complicated for obvious reasons. High asset divorces can be more emotional, have more at stake, and can cause more stress.
Anticipating a high net worth divorce can be worrisome, and each spouse can get anxious thinking about the right moves to make. If someone finds themselves in this situation, the first thing they should do is find the right legal representation. Consulting with an experienced divorce attorney as soon as possible can be a huge benefit in anyone’s divorce case—especially a high net worth case. In addition to finding the right legal representation, we also recommend avoiding the following 3 mistakes if approaching a high asset divorce:
Divorce is the way out of a relationship between two individuals who marry, and much thought should go into the decision before parting ways. Before divorce becomes a reality, a couple should think through why they got married in the first place and what brought them together.
People can change in some ways as they experience different things and get older. Their mindsets might shift, and they may no longer want the same things that they did when they first got married. Regardless of the reason for divorce, we recommend that they consider the following questions before they start the divorce process:
When things get hard in a marriage, the thought of divorce might cross one’s mind. While it is true that divorce can be a way out of a tough situation or an unhappy marriage and has proved to be the right move for many, it is not always the right next move or a quick and easy way out. The decision to divorce should be well thought through and one should be prepared before starting the process to avoid mistakes early in the process.
We work with complex family law matters every day—for business owners, high net worth individuals, or for those in complicated situations—and we understand what a tough marriage situation can entail. It can be stressful, emotional, and mentally straining, and those involved want it to end. If one finds themselves in this situation, we welcome them to reach out to our experienced attorneys so we can talk through the right next move before making sudden decisions. In the meantime, the following questions can help to provide some insights:
A high net worth divorce is one which involves assets that have a high monetary value. While there is no formal definition of a high net worth divorce, it has traditionally been defined as a divorce involving more than one million dollars ($1,000,000.00) in assets.
People who approach those high net worth divorce situations tend to expect an expensive, drawn out process which relies on the court to make the decisions—and understandably so due to all that is involved. What might be surprising to learn, though, is that there are other processes to consider such as mediation which allows a couple to work together on a solution to divorce via a neutral third party that can offer multiple benefits to high net worth individuals. Below are some of those benefits to consider:
When someone is a business owner, they have often worked very hard to get to where they are today and are putting forth a continuous effort to keep the business running and profitable. Because of this, when a marriage involves a business and approaches a divorce, that couple’s situation becomes very complicated and emotional. Not only are they dividing their marital property, but their business which they are likely very passionate about will be at risk.
It is completely understandable why business owners stress about a divorce because there is so much at stake. When they have the right representation, though, they can eliminate much of the stress and gain confidence that they are making the right moves. In addition, being knowledgeable about the situation at hand can make a significant difference. To help someone in this situation get started, below are some of the considerations that business owners should keep in mind when approaching a divorce:
The result of divorce is often thought about as a couple splitting ways and separating their lives for good. While many people wish it were this way, there are certain circumstances that do not make this possible. One of the circumstances is when one of the ex-spouses remarries.
Marital settlement or postnuptial agreements, when written thoroughly by an experienced divorce attorney, may often include clauses that address whether the requirements for one or both parties involved in a divorce are altered if a significant change is made in one of their lives. For this reason, a divorce may not separate each ex’s actions from each other after the divorce is final, especially if one of the parties remarries. Here are some of the reasons why:
When it comes to divorce, most people would prefer a smooth, peaceful process versus one that is unnecessarily drawn out. Even if one’s situation is overly complicated, such as including high net worth individual(s) or those with a long list of assets and business interests, there are still ways to help keep the peace.
For those that would prefer the more peaceful route, we put together the following 5 tips that one can consider to help their divorce process go smoothly:
When a couple gets married and has children, their relationship is taken to a whole new level. Not only do the spouses have a tie to one another through marriage, but they are also given parental rights and additional responsibilities when they have children.
If divorce is involved, each parent’s custodial rights may be at issue. Most parents feel strongly about having custody of their children in some way, so being prepared for this topic when a couple approaches a divorce is of the utmost importance—especially if one spouse challenges the other spouse’s custodial rights. Below is what to do if you suspect a divorce is on the way and children are involved:
There are many items to consider when going through a divorce, and every couple has their own set of unique considerations. Due to the complexity of divorce, many questions are raised throughout the process.
Instead of being overwhelmed throughout the divorce process, one should consult with an experienced divorce attorney that can help to answer their questions and provide recommendations. In addition, educating oneself on the topic and process can help, as well. To get started, below are a few Q&As: