High Net Worth Divorce Lawyers: What to Look For When Hiring

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Experienced high net worth divorce lawyers can help you navigate the tricky and contentious waters of dividing assets and moving on. Read on to learn more!

The US marriage and divorce rates have both decreased in the past 10 years. Despite this change, getting a divorce hasn't become any easier. With high net worth divorce cases, it's often even more difficult.

Don't try to navigate the complexities of your divorce alone. Instead, consider hiring high net worth divorce lawyers for your case.

With their help, you can manage the process of dividing assets with minimal stress. Otherwise, you might have to handle strenuous negotiations alone. Getting a divorce doesn't have to become a costly, emotionally draining, or complicated process.

Not sure what to expect? Here are six factors you should consider before choosing a lawyer. With this guide, you can maintain realistic expectations moving forward.

Discover how to approach a high net worth divorce with these tips today.

1. Remain Patient

First, it's important to recognize that a high net worth divorce can take time. It could take longer than a divorce between a couple with fewer assets.

Prepare yourself for the process ahead. Some couples stop negotiating because they hope to settle sooner. Unfortunately, you might regret that decision down the road.

Rushing through the process won't guarantee a fast settlement. It might rob you of the assets that are rightfully yours.

Instead, remind yourself that the process will take time. Find high-net-worth divorce lawyers who can help you through the process. They'll ensure there aren't any unnecessary delays.

They can also keep you apprised and help you maintain realistic expectations of the timeframe.

Remaining patient could pay off in the long run. You can get the assets that are rightfully yours and perhaps more. 

2. The Process is Costly

It's also important to recognize that divorce for high net worth couples can get costly. You might need to hire more than one professional, depending on what assets are involved.

First, make sure to hire experienced high net worth divorce lawyers. Choose a team that specializes in these cases. You can rely on their years of experience and expertise.

Look for a lawyer that's practiced and specialized for over 10 years. Their experience will give you peace of mind in their abilities. You can learn more here.

They'll also know how to navigate any potential pitfalls down the road.

Then, ask your lawyers about their network. What professionals will they utilize when working on your case? For example, they might decide to call on a forensic accountant.

Remember, you don't want to rush through this process. You also don't want to skimp on the cost of hiring multiple professionals. Otherwise, you could sabotage yourself in the process.

Hiring the right team will ensure a fair outcome for your divorce. Otherwise, you might leave assets on the table.

3. Understand the Impact

Once you hire your team of lawyers, you can sit down and discuss your finances. Divorce will impact all areas of your finances. You'll need to discuss tax implications and your future financial plans as well.

Taxable events are often inevitable. However, there are ways to reduce the burden. You can work with your attorney and an experienced financial planner.

They can help you develop strategies that will minimize the tax burden.

The more assets involved in your divorce, the more likely the divorce will impact other areas.

For example, do you own multiple real estate properties? You might consider disposing of those properties if they've appreciated over time. You can split the proceeds for large capital gains.

Don't try to navigate these situations without legal representation. Instead, hire a lawyer who understands the complexities of your case. Look into their work history to determine if they're the right fit.

They can help you work with a financial advisor to review any potential financial impacts down the road.

Before meeting with your lawyer, make sure to create a list of your assets. Some clients wait until the last minute to create this list. It's normal for people to lose access to certain records and documents as well.

Create copies as soon as possible. Consider your inherited assets as well.

4. Manage Your Spending

Your high net worth divorce considerations should include your current spending habits, too. Some people believe that higher levels of spending will lead to a larger settlement. They believe that the more they spend, the higher their needs will appear.

That's not the case.

Instead, you need to avoid unnecessary spending as much as possible. Otherwise, high spending could show the court you're wasting assets. It could hurt your settlement. 

Your lawyers can help you discuss a financial plan moving forward.

5. Spousal Support

You'll need to talk to your high-net-worth divorce attorney about spousal support, too. Determining spousal support can vary depending on your location. The court will consider certain factors, including:

  • Tax consequences
  • Each spouse's earning potential
  • What each spouse currently earns
  • The duration of your marriage
  • What each spouse contributed to the marriage
  • The relative assets and liabilities

These are only a few factors to consider. Talk with your lawyer to determine what other factors are relevant to your case. 

In the meantime, don't hide your assets. Hiding your assets can weigh against you when you start dividing property.  

6. Start as Soon as Possible

Americans file about 746,900 divorces each year. Make sure to hire lawyers experienced with high net worth divorces right away. The sooner they start working on your case, the better.

Waiting too long to get started could cause problems to arise during court proceedings. Your spouse might hide assets as well. Working with a legal team will ensure you avoid these potential consequences.

Remember to find a lawyer who specializes in high net worth cases. They'll ensure a fair distribution of your assets. They'll also minimize the emotional strain that can develop during proceedings.

You don't have to go through this alone.

High Net Worth Divorce Lawyers: 6 Ways Your Legal Team Can Help

Divorce is difficult enough in normal situations. With a high net worth divorce, it can feel even more stressful.

Don't try to handle your divorce without representation. Instead, consider these six ways your high net worth divorce lawyers can help. They'll help you avoid potential pitfalls with your case. 

With the right team of lawyers at your side, you can divide your assets without unnecessary stress.

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