The Do’s and Do Not’s of High-Net-Worth Divorce in Palatine

 Posted on July 08, 2022 in Divorce

Wealth can complicate divorce significantly. Divorcing spouses with high-value assets may find themselves inundated with decisions during the divorce process. Should I keep the marital home? What about vacation properties? Do I have a right to a portion of my spouse’s business interests? Are investments and retirement accounts separate property or marital property? Questions like these can be confusing and overwhelming. If you are a high-net-worth individual getting divorced, reach out to an experienced high-net-worth divorce lawyer for help. Additionally, keep the following considerations in mind.

Tips for Divorce Involving Significant Wealth

Dissolving a marriage is even more complicated when one or both spouses have assets of significant value. The financial consequences of mistakes and oversights in a high-net-worth divorce are also amplified.

During a high asset divorce:

• Do work with a divorce attorney experienced in complex property division and other high asset divorce concerns. High net worth divorce cases differ from typical divorce cases, and you will benefit by retaining a lawyer qualified to handle complicated financial and legal concerns. Your lawyer can help you make sound financial decisions that set you up for post-divorce success.
• Do not let your emotions dictate your decision-making. Divorce can be an extremely emotional process. However, divorcing individuals must be careful not to let emotions get in the way of sensible decision-making.
• Do make a comprehensive list of your assets, debts, and income sources. Taking a detailed inventory of your property and liabilities can put you in a better position to negotiate the terms of your divorce. The more educated you are regarding your current financial situation, the better.
• Do not try to manipulate the divorce outcome by hiding assets or failing to disclose income sources. Lying on your financial affidavit or fabricating other financial information during divorce can lead to serious consequences, including contempt of Court charges.
• Do consider the tax consequences of divorce options. The greater your wealth, the greater your tax liability. Work with your attorney to minimize taxes and penalties as much as possible.
• Do not let an aggressive spouse talk you into divorce terms you do not fully agree to. Some divorcing spouses are so eager to get the process over with that they agree to unfair terms they later regret.
• Do prioritize your mental and emotional health. Getting divorced is considered one of the most stressful life experiences a person can go through. Lean on trusted loved ones, take time to participate in hobbies and enjoyable activities, and consider seeking professional help from a therapist or counselor during the divorce.

Contact an Arlington Heights High Net Worth Divorce Lawyer

If you are getting divorced, contact our Palatine divorce attorney to get the legal help and support you need. Call the Law Office of Nicholas W. Richardson, P.C. at 847.873.6741 for a free, confidential initial consultation.

Source

https://www.forbes.com/sites/heatherlocus/2019/01/10/what-jeff-and-mackenzie-bezos-and-all-high-net-worth-couples-need-to-do-to-avoid-a-messy-divorce/