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:
- Be Proactive, Not Reactionary
Taking the proactive approach to getting help from an experienced attorney vs. being reactionary will greatly benefit someone who may be approaching a high net worth divorce. If one suspects their spouse may want a divorce, but has not been served divorce papers, yet, now is the time to find an attorney to trust. This attorney will lead their client down the right path to protect them and their assets, which may mean hiring a forensic accountant to keep track of the other spouse’s finances, to value a business, or for income determinations.
- Consult With an Attorney Before Making Financial Moves
One mistake many high net worth couples make when approaching a divorce is shuffling their finances around to help protect them when they go through their divorce. Whether their goal is to hide assets or spend money by making large purchases, the right thing to do if in this situation is to consult with your divorce attorney so you can make the right decision and, most importantly, remain credible in court. Individuals should not take action that will hurt them in the pending or future divorce.
RELATED: Read these 5 ways to protect your assets in a high net worth divorce.
- Do Not Let Emotions Take Control
One important rule to follow when going through a divorce is to make educated, thoughtful decisions instead of allowing emotions to take control. For example, if one wishes that their divorce process be over, they may consider agreeing on terms of the divorce which could include asset division and alimony only as a means of ending the divorce quickly. This can have a dramatic effect on their finances and their future economic prosperity; however, if sticking through the divorce process, they could end up in a much better financial position.
While a high net worth divorce may be a challenging situation, ensure to take the right resolutions to the issues that you encounter as doing the opposite may cause negative repercussions to your case, and ultimately you and your family’s future.
For information about what our experienced attorneys at Wilder Mahood McKinley & Oglesby can do to help you in your high net worth divorce, contact us online or call our office in Pittsburgh, Pennsylvania, at 412-261-4040.
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