March 7, 2022Share
Preparing for a High-Net-Worth Divorce
By Tracy Newmark and Natalie Kay.
No matter your situation, ending a marriage can be a complicated process. That said, high-net-worth divorces can be even more complex than traditional divorces. Added concerns such as alimony, division of property, and child support can make matters more difficult in a high-net-worth divorce. Below are some tips for preparing for a high-net-worth divorce.
What is a High-Net-Worth Divorce?
Generally, a high-net-worth divorce involves more than one million dollars in net liquid assets. Assets can be in multiple forms, tangible, and intangible, such as cash, property, real estate investments, stocks, bonds, and retirement accounts.
Get Your Financial Documents in Order
It is crucial to have complete knowledge of all your financial affairs. Make sure that you have everything you need for your case, such as tax returns and bank statements. You can start by compiling a list of all your assets and liabilities.
Don’t Hide Your Assets
With today’s technology, it is difficult to hide anything, so do not lie or hide your assets during a divorce. Any misrepresentations you make can destroy your credibility and hurt your case. Be sure to choose an attorney you trust so you feel confident knowing they are fighting for you and your best interests.
Working With Other Professionals
A high-net-worth divorce may require the assistance of other professionals, such as a forensic accountant. Forensic accountants are financial experts hired for court purposes (forensic) that can assist you and your legal team with determining income, assets, and liabilities, help determine financial circumstances after the divorce as well as help investigate any hidden assets/income or fraud. Forensic accountants, investigators, and business evaluators can provide transparency and help you have a complete understanding of your financial situation during your divorce and help plan for your circumstances after the divorce.
Think It Through
Divorce can be one of the most stressful events one can experience. It can be easy to panic, but it is important to remain calm. Do not make any important decisions without careful thought and consideration or consulting your attorney. Remember that the decisions you make now can significantly impact your future for years to come.
Promptly Seek Legal Advice
Divorce is a complex process with both practical and legal challenges that should not be faced alone. Only an attorney with experience handling high-net-worth cases can help you reduce risk, worry, and obtain the best possible result.
Kelley Kronenberg Can Help
The Family Law Practice Group at Kelley Kronenberg has over 50 years of combined experience providing comprehensive legal services tailored to the particular needs of high-net-worth clients and their families. We have decades of experience handling high-net-worth and highly contested cases throughout Florida. We are committed to aggressively representing your interests and achieving the best results possible in your case.
If you are considering divorce or have questions about any of your family law matters, contact the Family Law Practice Group at Kelley Kronenberg today to schedule your no-cost confidential consultation.
Contact Tracy Newmark and Natalie Kay.
DISCLAIMER: This article is provided as a courtesy and is intended for the general information of the matters discussed above and should not be relied upon as legal advice. Neither Kelley Kronenberg, nor its individual attorneys or staff, are responsible for errors, omissions and/or typographical errors – always seek competent legal counsel.