How to Best Proceed With a High-Net-Worth Divorce

When wealthy couples divorce it is often big news with public statements about how the assets will be divided. If you have significant resources and are contemplating a divorce, there are a few things that you should keep in mind:

• Hiding Assets – In today’s society there is a paper or electronic trail for almost all financial transactions. Thinking that you can hide or transfer money so it will not be considered part of the final agreement generally backfires and will leave you in bad standing with the judge.
• Control Emotions – Dealing with a divorce is tumultuous getting therapy to help you ride out the storm is a real option. Therapy will help control your perception of the situation and, especially if children are involved, help you to both explain and more effectively deal with the situation.
• Friends – Your circle of friends can be a great support during this difficult time so do not be afraid to lean on them for support. Just remember that expert advice comes from the experts. Consult with a lawyer and financial advisor in order to ensure your rights are properly protected.
• Preparation – Be sure to think with a cool head. Prepare by seeking information in advance of big decisions or conversations. A good lawyer can help with making sure you are properly prepared to effectively deal with your divorce
• Compromise – Realize that compromise will be part of any settlement. Think seriously about what you can and cannot live within your settlement. Try to avoid a quick settlement just to get the mess over with.
• The Right Lawyer – There are lawyers who specialize in dealing with high-value divorces. Lawyers also have different personality types. Be sure you choose the right lawyer for you and that you are comfortable with his or her style of negotiation. Take advantage of a no-charge initial meeting to obtain an introduction to your prospective lawyer.
• Questions – Your lawyer and financial advisors are the experts. Listen to their advice but be sure to ask as many questions as you need to understand what is happening.
• Be Quiet – Avoiding the use of social media will help in the long run as posts made in the heat of the moment can reflect poorly on you during negotiations or court proceedings.