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:
- Do Treat Your Divorce Like Business
Steer clear of agreeing to settlement terms too quickly due to emotions or without complete knowledge and understanding of all the facts and laws. You may feel that it would be easier to agree to terms just to get your divorce over with or because you feel badly about the situation at hand; however, the decisions that you make will impact your future and the future of your family. If you can treat your divorce more like a business, you will be able to step back and take everything into consideration before making educated decisions.
- Be Cautious of Pre-Divorce Spending Sprees
If you notice that your spouse is spending more money than he or she normally does or is incurring more expenses than usual, consult with your divorce attorney. Some spouses approaching a high net worth divorce may do this for various reasons such as thinking that spending more money will help increase the amount of support they receive or buying items that they think they will be able to keep after the divorce is final.
- Be Aware of All Financial Factors
When thinking about finances during a divorce, one might first think of physical property and liquid assets. It is important to be aware of all financial factors, especially in a high net worth divorce, which can include tax consequences, alimony, child support, educational expenses, etc. Be more prepared by becoming knowledgeable of all items that can affect your finances, including as much information about all financial aspects of your marriage.
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- Avoid Hiding Assets
If you are approaching a high net worth divorce, you may be worried about the distribution of assets, and that your divorce might leave you empty-handed. You should not resolve this worry by hiding assets. Hidden assets will have to be disclosed, which will be looked upon unfavorably by the court and could result in significant sanctions. Instead, you should consult with your experienced divorce attorney before making any significant financial decisions.
- Choose the Right Divorce Attorney
You can ask others for their divorce attorney recommendations, but you should also conduct your own research and interview the attorneys before making a final decision. Here are some tips to help ensure you find the right attorney for your high net worth divorce case.
A high net worth divorce case can be complicated, and that is why it is important to be knowledgeable of these items and many others so you can be prepared for what is ahead.
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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