If you are an individual or entrepreneur, your divorce requires a specialized approach to ensure asset protection, minimal tax implications and personally satisfying results. Consider the following strategies, customized to high net worth divorces, to help ensure you attain your goals from the divorce process.
- Engage an expert in high net worth divorce early in the process. Lawyers who specialize in high end net worth divorces are able to deliver the best results due to their knowledge of and experience with the intricacies of this unique issue related to high end net worth individuals or complicated cases. Lawyers not skilled in high end net worth divorce may miss lucrative opportunities for you amidst a financial complexity they are not familiar with. Specialized lawyers will also be cognizant of the best asset distribution in terms of tax implications. Choose your lawyer carefully and bring them onto your team as soon as divorce is on the horizon to provide sound divorce advice and mount a powerful defense.
- Avoid emotional responses. Divorce will test your patience. When faced with both the failure of their marriage and the potential diminishment of their assets and income, many high net worth individuals experience a multitude of heightened emotions including anger, frustration, bitterness, guilt, and embarrassment. It can be difficult to make clear-headed decisions in this emotional state. Saying or doing something impetuously may result in additional litigation, increased cost, and greater time required for a finalized divorce. More than just being cognizant of the potential for emotion to fuel actions, you would be well advised to assemble a team who understands the situation and is able to protect your interests as well as your actions.
- Be thorough and honest with financial inventories and interests. In the beginning of your divorce, you will be asked to provide inventories of your financial holdings and obligations. Approach these requirements seriously and provide a completely accurate financial picture. Failure to do so may mean unnecessarily giving away assets or assuming liability that you could be giving away. Additionally, never attempt to hide assets. These types of deceptive strategies are almost always discovered and will significantly add to the difficulty of your divorce battle.
- When in doubt, investigate the financial position of your spouse. Just as you may be tempted to hide assets, so could your spouse. If you believe there are assets and/or income that exists but is not being disclosed, hire a professional to investigate. This decision may entail a monetary and time investment, but can yield significant results in the end.
- Consider alternatives such as mediation and collaborative law. If you are concerned with maintaining your privacy, a high profile public divorce case is not the wisest divorce path to take. Opting for mediation allows you and your spouse to maintain control over the process and means your personal matters will stay out of open court proceedings.
As a high net worth individual or entrepreneur, you should bring the same focused strategic approach to your divorce as you do to all of your business endeavors. Start with the selection of an experienced attorney that specializes in high end net worth divorces and formulate an effective plan that is tailored to your particular situation.
Board Certified Marital and Family Law Attorney Charles D. Jamieson understands that divorce is an extremely sensitive and important issue. Thanks to extensive experience and a focus on open communication, Attorney Jamieson adeptly addresses the complex issues surrounding divorce while delivering excellent personal service. To discuss financial issues related to divorce, please contact The Law Firm of Charles D. Jamieson, P.A. online or call 561-478-0312 to schedule a consultation.