Regardless of the circumstances, a divorce can create an expensive toll on each party and if you are involved in a high net worth divorce, then you should seek out a high net worth divorce lawyer. When a divorcing couple has a large amount of property, income, and assets, the stakes become a lot higher and that is why a lawyer is often in your best interest to have on your team.
Because of how these divorces are, they are naturally more complicated and they are required to have a plan in place, so costly mistakes are less likely to occur. To protect your rights and property and a high net worth divorce, here is what you should keep in mind to help give you the best chance at the most favorable outcome for you.
It is entirely too common to make rash decisions when emotions run high and without considering the long-term implications first. In the event of an emotionally driven decision, you could easily and up agree to give up more property than you deserve or make other long-term financial decisions that could lead to more stress. While you might think that your choice will make your life easier, it could lead to a more time-consuming and emotionally draining fight in the future and have a negative financial impact in the long run.
These divorces can get heated quickly. It is in your best interest to not lash out against your ex or try to punish them for the pain they have caused you. Instead, think about how you would react if this was a professional setting. When handling business matters, you want to be calm, informed, and have a plan in place to ensure everything goes as smoothly as possible.
One of the biggest mistakes people make in high net worth divorces is that they hide assets. While it may be tempting to hide some assets, it can easily backfire on you because it is considered fraud. When the property is divided in divorce, every asset must be disclosed. Your lawyer will advise that you should not hide any assets because if it is discovered, you could be held in contempt of court or found guilty of perjury because of your attempts to conceal assets.
You could face legal repercussions, but you could also lose all credibility with the court and the judge could then decide to award more assets in your former spouse’s favor. This is why it is crucial to be transparent about all your assets when disclosing them in your divorce.
We understand that a divorce is a highly emotional time in your life. If you are going through a high net worth divorce and don’t hesitate to reach out to a high net worth divorce lawyer from the team at Winfrey Law Firm, PLLC for more information about how they can help you through this incredibly difficult time in your life.