When your marriage involves significant assets, the divorce process takes on added layers of complexity that require thoughtful preparation and dedicated strategies. You will need to work with skilled professionals to ensure the maximum protection of your interests.
However, there are some steps you need to take even before you begin assembling your professional team. After decades of safeguarding clients through complex, high-asset divorce situations, here are some strategies that we have found to be effective in the process.
Assess Your Situation
Before your professional team can develop the best solutions to overcome the challenges you will be facing in divorce, they will need a good understanding of what those challenges entail. That means you need to take some time to assess your particular situation. To discern the factors that will affect the complexity of your divorce, it is helpful to ask yourself some questions such as:
- Do you or your spouse own a business?
- Do you anticipate that your spouse will cooperate willingly or are negotiations likely to be more adversarial?
- Do you own assets that may be difficult to value objectively, such as artwork?
- Are you concerned about public exposure and hoping to keep matters private?
- Do you have concerns that your spouse might try to hide assets?
- Does one partner handle most of the financial matters or do both of you have equal understanding of and access to information about assets and debts?
- Is there a possibility that you will need spousal support (alimony) to maintain your lifestyle during the divorce process?
- Do you have minor children who will require a parenting plan and support?
When you consider the answers to these questions, you will have an idea of the experience you need on your professional team and you will have information ready to get them started assisting you without delays.
Find the Right Professionals to Assist
In a high-asset divorce, it is crucial to work with a divorce attorney with a proven track record in handling the complex financial issues that need to be addressed. High-asset divorces frequently involve executive compensation packages, unique real estate, closely-held business interests, and other property that is difficult to value. It often takes intricate planning for one spouse to buy out the interests held by the other spouse.
In addition to finding an attorney with the right experience, it is also wise to work with a financial professional experienced with dividing assets in divorce and helping develop plans for life after divorce. Depending on the situation, you may also need additional professionals with specialized experience in tax issues, business succession, and asset valuation.
Work to Resolve Matters Out of Court When Possible
Even if your divorce cannot be handled through a cooperative process such as collaborative divorce, you can save yourself time, conserve your resources, and create custom solutions when your attorneys negotiate out of court to resolve as many issues as possible. It may be necessary to let a judge decide a critical points of conflict, but when you can reach agreement on other issues on your own through your attorneys, you are far more likely to be satisfied with the outcome.
Weis Law Group Understands How to Protect You in Complex, High-Asset Divorce Situations
At Weis Law Group, we know the strategies and have the professional connections to help our clients reach an advantageous outcome in all types of complex divorce situations, including those involving high-net-worth individuals. We’d be happy to explain the ways we could assist in your particular situation.