If you are preparing to divorce and you have substantial assets that must be divided between you and your spouse, it is imperative to retain an attorney experienced in handling high net worth divorces. Don’t make the mistake of thinking you and your spouse are knowledgeable enough in business transactions that you will be able to approach your divorce in the same manner. Objectivity and rationale thinking often go out the door when the divorce starts getting emotional, especially when minor children are involved.
Your divorce attorney is crucial in creating the proper strategy for your case. A seasoned lawyer can help anticipate issues that may arise and take measures to mitigate them. You also want an advocate that will fight for you and protect your best interests – at the negotiation table and in the courtroom.
Even if you and your spouse both decide you want to be fair and equitable in dividing your property, this goal is often difficult to accomplish. One of the most important things you can do if your divorce case is contested is to do the ground work in preparing and removing guesswork from your case. For example, if you own a business and its value is being disputed, hiring an expert to determine its value can be vital to your negotiations. Further, if your divorce case must go to trial, having expert opinion to support your valuation is crucial. The same is true for other high net worth assets such as real estate, pensions, and other investments you may want to have valued.
Another expert you should confer with is a tax professional. The tax consequences of the decisions you make when dividing property in a divorce can be substantial. A forensic accountant can review the assets involved, the timing of transfers and other factors to ensure you do not incur unintended tax liabilities.
If you are involved in a high net worth divorce, we can help. Contact the Men’s Divorce Law Firm to schedule a consultation with a caring professional, and aggressive advocate for men’s rights in divorce, child timesharing (custody), and paternity matters.