Divorce is never easy, but divorces involving large amounts of money, property,
and other assets are even more challenging. In addition to the types of
issues present in typical divorces, such as spousal and child support,
child custody, visitation rights, etc.,
high net worth divorces can involve the added burden of determining, for example, how
the value of business and stock options will be split, or who will gain
possession of a high-value asset. With higher amounts of assets, there
is more potential for error on both sides – and more to lose.
As a New York divorce lawyer for more than 35 years, I have handled many
financially complex and high net worth divorces.
If you are considering a divorce, be aware of these common pitfalls:
Don’t make anger your motivator. Divorce is an emotional time, and making decisions based on anger can have
disastrous results. Fighting about every aspect of your divorce may initially
feel satisfying, but remember that the more contentious your divorce,
the more time and money you will have to spend on it. It is difficult
to make sound decisions about your future when revenge is your primary
motivation. Talk with a psychologically savvy attorney.
Don’t allow guilt to influence your decisions. A person who asks their spouse for a divorce may feel guilty about it.
In many cases, this leads them to give more than they should when it comes
to property division. However, when it comes to divorce, you should treat
it the same way as a business dissolution. Decisions should not be based
on emotions – rather, they should be guided by the advice of an
experienced attorney who can help ensure that assets are divided fairly.
Don’t agree to anything just to get the divorce.One should never rush through the divorce process. Rushing through important
decisions such as property division or alimony just to get away from a
person as quickly as possible is never a good idea – it can have
devastating financial consequences and leave you with less than what you
may be entitled to.
Don’t hide assets.Some spouses think that they can get away with hiding a valuable asset
in order to avoid potentially losing it during property division. This
is often accomplished by transferring the asset into someone else’s
name until after the divorce. This action will likely be considered fraudulent
and could end up seriously hurting you in court. Discuss your concerns
with your lawyer.
Remember to consider tax consequences.When you receive certain assets during a divorce, don’t forget to
consider your tax obligations on those assets. For example, you could
be taxed on a pension, or you could agree to an alimony amount without
knowing how much you will actually clear after you’ve paid taxes.
When it comes to high net worth divorce, knowing how taxes will affect
your divorce is critical.
Make sure you choose the right lawyer.High net worth divorces can be complex, and require a high standard of
professionalism, sophistication, and discretion. Thus, it is critical
that you hire a highly skilled and experienced attorney to protect your
best interests. A good attorney will help you think strategically and
clearly and navigate you through the entire process. Don’t place
your trust in just any lawyer – look for a trusted and highly rated
attorney with ample relevant experience to represent you.
If you’ve worked hard to develop a high net worth for yourself, you’ll
want to make sure that it is protected. Conversely, if you’ve worked
hard to maintain a home and raise children, you’ll want to fight
for as large a settlement as possible to help maintain a bright future
for you and your children.
When it comes to your financial future and that of your family, don’t
leave anything to chance.
Get in touch with New York divorce lawyer Lois M. Brenner, Esq. to schedule an appointment. There is no case too difficult for Lois Brenner to handle!