No one dreams of getting divorced, but when it happens, it’s crucial to have a plan, especially if you have lots of assets to divide. These strategic tips can help anyone survive a high net worth divorce:
- Get organized. It’s the best thing you can do to prepare for a high net worth divorce. Gather up all your financial records, including tax returns, bank statements, investment documents, and anything else that will give your lawyer a clear picture of your assets and liabilities. There can be a lot of paperwork involved in a divorce, so it’s important to have details easily accessible when you need them. Curveballs will be thrown your way during the divorce process, so it’s best to be as prepared as possible.
- Make a comprehensive list of all your assets and liabilities. This will help you and your lawyer determine what is fair to ask for in the divorce settlement and what you can realistically expect to receive.
Items to include:
- Your home (and any other real estate you own)
- Investment accounts
- Savings accounts
- Retirement accounts
- Businesses you own
- Cars and other vehicles
- Art, jewelry, and other valuables
- Debts (mortgage, credit cards, loans, etc.)
- Be realistic about what you want. It’s important to have a clear vision of what you want out of the divorce, but you also need to be realistic about what you can expect to receive. If you and your spouse have different ideas about who should get what, it can intensify the process. Be prepared to compromise and try to keep an open mind.
- Make a budget. Once you know what assets and liabilities you have, it’s time to start thinking about how you’re going to live after the divorce. Make a budget and try to stick to it as much as possible. This may mean making some lifestyle changes, but it’s important to be mindful of your spending.
- Get legal help. A high net worth divorce can be a complicated and stressful process, so it’s important to have a good lawyer on your side. Find someone experienced in handling these types of cases, and make sure you’re comfortable with them. It’s also a good idea to get a financial advisor to help you understand and protect your assets.
- Take care of yourself. The divorce process can be emotionally draining, so it’s important to take care of yourself both physically and mentally. Eat healthy, exercise, and get enough sleep. Spend time with friends and family and do things that make you happy. This is a difficult time, but it’s important to remember that it’s not forever.
How Will a High Net Worth Divorce Attorney Help You?
If you’re going through a high net worth divorce, you need an attorney who is experienced in handling these types of cases.
When seeking a divorce lawyer, choose someone who can:
- Understand the financial aspects of your divorce. A high net worth divorce often requires dividing complex assets, such as businesses, investment accounts, and real estate. You need an attorney who understands the financial issues involved and can help you protect your interests. To assess their financial literacy, ask your prospective lawyer questions about asset division, alimony, and the tax implications of divorce.
- Help you navigate the divorce process. A high net worth divorce can be a lengthy and complicated process. You need an attorney familiar with the ins and outs of divorce law who can help you navigate the process. You want someone who has already successfully handled high net worth divorces and who knows what to expect. They should have experience handling complex divorce cases and high net worth divorces specifically.
- Negotiate on your behalf. In a high net worth divorce, there is often a lot at stake. You need an attorney who is a skilled negotiator and can advocate for your best interests. Find out more about their negotiation style and whether they are comfortable taking your case to trial if necessary.
- Help you understand the law. A high net worth divorce often involves complex legal issues. You need an attorney who can explain the law to you in a way that you can understand and who will keep you updated on any changes that could affect your case.
- Protect your interests. A high net worth divorce can be a stressful and emotional time. You need an attorney who will be on your side and who will fight for what you deserve. Ask them about their philosophy on divorce and how they would handle your case if it went to trial.
- Determine the value of assets such as businesses, investments, and property. To fairly divide assets in a high net worth divorce, it is important first to determine the value of those assets. This can be a complex process. You need an experienced attorney to value these types of assets. They should be experienced in evaluating businesses, investments, and property for divorce cases.
- Help you understand the tax implications of divorce. A high net worth divorce often has significant tax implications. You need an attorney who can help you understand how the division of assets will affect your taxes. Ask them about their experience with tax law and whether they have any specific experience with high net worth divorces.
- Keep you informed and involved in the process. A high net worth divorce can be a complex and stressful process. It would be best if you had an attorney to keep you informed and involved in the decision-making process. Find out more about their communication style and how often they will update you on the status of your case.
- Find hidden assets. In a high net worth divorce, it is not uncommon for one spouse to try to hide assets. You need an attorney who can find hidden assets and who will thoroughly investigate your case. They should be experienced in conducting asset searches.
If you are facing a high net worth divorce, consult with an experienced Metro East, IL divorce attorney who can help you protect your interests and begin moving on with your life.