If you are considering a divorce and you have a high net worth, it is important to know what you are getting into. A high-net-worth divorce can be extremely complex and there are many things to consider that ordinary divorces do not take into account. In this blog post, we will discuss what a high-net-worth divorce is, what makes it different, and how to prepare for it. We will also discuss some of the common mistakes that people often make in high-net-worth divorces so that you can know how to avoid them!
What is a High Net Worth Divorce?
A high net worth divorce is a divorce in which you and/or your spouse have a significant amount of assets. Previously assessed at $1,000,000 in liquid assets, it is now generally considered to be many millions. This can include things like property, businesses, investments, and retirement accounts. In a high net-worth divorce, it is important to carefully consider all of these assets and how they will be divided between the parties.
What Makes a High Net Worth Divorce Different?
Several things make a high net-worth divorce different from an ordinary divorce.
- First of all, the stakes are often much higher than that of a regular divorce. This means that there is more to lose and any decisions made during the divorce process can have a very large impact on your future.
- Secondly, high-net-worth divorces are often much more complex than ordinary divorces. This is because there are often many more assets to consider, and the division of these assets can be very complicated.
- Finally, high-net-worth divorces often involve people who have a lot of power and influence. This can make the divorce process much more difficult and it can also make it more difficult to reach a fair settlement, especially if there is not a pre or post-nuptial agreement set in place.
If you’re going through a high net worth divorce you’ll want a highly skilled and experienced divorce attorney on your side to help you get through it. Beyond your attorney, you may need to organize a team of dedicated professionals such as accountants, appraisers, and business valuators.
Common Mistakes to Avoid Making During Your Divorce
There are several mistakes that people often make in high-net-worth divorces.
- First, people often try to hide assets from their spouses. This is a mistake because it will only make the divorce process more complicated and it may even result in you having to pay more in taxes or penalties.
- Secondly, people often make the mistake of not hiring an experienced and specialized attorney. This can be a very costly mistake, as an experienced attorney will know how to navigate the complexities of a high net worth divorce and they will also be able to negotiate a better settlement on your behalf. Attorneys typically help you to save more money in the long run.
- Finally, people often make the mistake of not being honest with their spouse about their financial situation. This can lead to problems down the road, so it is always best to be upfront and honest from the beginning, so any surprises can be avoided.
How to Prepare for a High Net-Worth Divorce
If you are facing a high net-worth divorce, it is important to be prepared.
- Firstly, you should make sure that you have a clear understanding of your finances. This means gathering up all of your financial documents, including tax returns, bank statements, investment records, and anything else that will give you a clear picture of your assets and liabilities.
- Second, don’t just consider getting an attorney. Get an attorney and make sure they’re experienced in handling divorce cases, specifically high net-worth divorce cases.
- Finally, you should also be prepared to discuss your goals for the divorce with your attorney. What do you want to achieve? What is your ideal outcome?
Knowing what you want to achieve in the divorce will help you to make the best decisions during the process and it will help your attorney to better serve you.
Hiring a High Net-Worth Divorce Attorney in Denver
We understand just how complicated and stressful going through a high-net-worth divorce can be. At Colorado Legal Group we specialize in helping our clients get through divorce without the drama. Let us help you through your divorce. If you are facing a high net-worth divorce, it is necessary to get legal help.
If you have any questions about your divorce and how to protect yourself, contact one of our knowledgeable and experienced high-net-worth attorneys today by filling out our form or calling us at 720-594-7360 to get started.