No matter who you are or your economic level, getting divorced is complicated and emotional. For high net worth individuals, a divorce can be especially complex, as more assets to divide typically means more questions about who gets what, and potentially more contention. If you are a high net worth individual who is thinking about or in the midst of a divorce, here’s what you need to know about high net worth divorce and what to expect as you navigate the process.
What Is a High Net Worth Divorce and Why Are These Divorces More Complicated?
A high net worth divorce is a divorce in which one or both parties have multiple assets that make individual or combined net worth very high. These assets may be in a number of forms, including real estate holdings, investments, liquid cash, assets in a trust, businesses, retirement accounts, and more.
High net worth divorces tend to be more complicated because there are more assets to divide and more assets to fight over. In addition to assets alone, one spouse may request hefty alimony payments from the other. Parties may have a more difficult time determining who should get what.
Common Mistakes Made During High Net Worth Divorce
If you are involved in a high net worth divorce case, it is important that you understand your options, rights, and how to protect your interests. Some common mistakes that are made in high net worth divorce cases that could be costly include:
- Agreeing to any divorce settlement simply to get the divorce process over with;
- Hiding assets that you don’t want to be part of the divorce settlement;
- Failing to work with a financial professional who can help you to accurately calculate assets, liabilities, tax consequences, etc.;
- Letting emotions dictate how you handle the divorce proceedings;
- Relying on advice from friends and family instead of legal and financial professionals; and
- Failing to attempt to reach a settlement through negotiations or mediation.
Benefits of Hiring an Attorney When in a High Net Worth Divorce
As stated above, a big mistake when filing for a divorce can be failing to listen to the advice of a legal professional, which means that if you haven’t already hired an attorney to handle your high net worth divorce case, you should do so as soon as possible. Your attorney can advise you regarding how to find hidden assets, which financial professionals to hire, how to negotiate with your spouse, and whether or not a proposed divorce settlement is fair.
At the law offices of Fay, Farrow & Associates, P.C., we are passionate about representing our clients. We also have years’ worth of experience representing those going through a divorce, including both high asset individuals and those seeking a divorce from a high asset individual. If you have questions about your high asset divorce in Naperville or surrounding areas and want to learn more about how to protect your interests, please contact our law offices today for an initial case consultation. We promise to work hard for you.