Getting a divorce is both complicated and emotionally challenging for either spouse. Divorces can also be financially devastating to either one of the parties, particularly the breadwinner of the relationship. The more assets you have, the more you stand to lose.
For high-net-worth individuals, the stakes of undergoing a divorce could be financially devastating. Dividing marital assets can be quite complicated, particularly when valuing privately owned businesses, commercial properties, as well as, when valuing investments, retirement accounts, vacation properties, boats, planes or other luxury assets.
Such high net worth divorces often require the retention of qualified experts to value the assets and calculate the appreciation of privately owned property held during the course of the marriage. Ideally, there is a premarital agreement which allocates the division of the marital estate, but all too often persons of high-net-worth overlook such legal protections.
It is also imperative that persons of wealth contemplating divorce retain the services of an experienced divorce attorney who understands how to investigate and discover critical information regarding the various business interests, investment interests and assets of the marital estate, information the other spouse is likely attempting to keep hidden during the divorce.
A skilled divorce attorney will knows how and when to utilize the services of a financial adviser, appraiser, forensic accountant and tax experts to organize and value the marital assets. A fair resolution and fair distribution of the overall marital estate is contingent upon there being an accurate valuation of the overall marital assets.
It is critical for any person of high-net-wealth considering a divorce to first consult with a divorce attorney experienced in handling high-net-wealth divorces, an attorney who will craft a plan of action in preparation of divorce which reallocates or otherwise protects the financial assets of the marriage from being disseminated or hidden by the other spouse during the divorce process.
Taking reasonable yet firm steps with the advice of an experienced divorce attorney, to curb unnecessary spending not only keeps the marital debts in check but also helps budgeting for the unavoidable expenses that come with the divorce process.
Gathering financial information in an organized manner at the onset of a divorce not only makes the process less complicated, but it also can result in building trust between the spouses and should start the divorce on a positive note. You should never contemplate settling a high-net-worth divorce or make any proposals toward resolution such a divorce until you are fully educated about the likely outcomes, and not until your attorney has conducted a diligent investigation of the marital estate and its assets.
Often times, preparing for divorce is just as critical as the lawyering which later takes place in and out of the courtroom.
At BATSON NOLAN, PLC, we not only have skilled divorce attorneys experienced in representing clients undergoing high-net-wealth divorces, we also have attorneys skilled in estate planning, real estate, as well as, business and corporate law, attorneys whose services can be utilized to not only prepare your case for divorce, but also help you successfully rebound after divorce. Our experienced divorce attorneys are here to help you. Contact us today to schedule meeting so we can provide you with answers and solutions to your questions and concerns.