Divorce is never easy, but divorces involving large amounts of money, property,
and other assets are even more challenging, like that of Kim Kardashian
and Kanye West who filed in February.
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 which high-value asset. With greater amounts of complicated
assets, there is more potential for error on both sides – and a
lot more to lose.
As a New York divorce lawyer for more than 35 years, I have handled many
financially complex, high net worth, and celebrity divorces.
If you are considering a Divorce, be aware of these Common Mistakes:
• 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
• 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/mediator 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.
• Hidden assets can be discovered.
Some spouses think that they can get away with underestimating or 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.
Forensic investigators can be hired to locate assets. Beware!!
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 cost 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, knowledge and discretion. It is critical that you hire
a highly skilled and experienced attorney/mediator to protect your best
As a financially sophisticated attorney/mediator for over 35 years, having
worked previously at Sullivan & Cromwell, with medical training and
unique psychological insight, I will help you think strategically and
clearly to protect your family financially and psychologically.
If you’ve worked hard to develop a high net worth for yourself, you’ll
want to make sure that it is protected. If you’ve managed a home
and raised children, you’ll want a fair settlement to help maintain
a bright future for you and your children. I can help you accomplish all
of this, just call me.
FREE 1 HOUR CONSULTATIONS are discreetly and conveniently conducted virtually to continue to reduce risk.
We still have some appointments available for this week.
I look forward to helping you.
Stay healthy and safe!
When it comes to your financial future and that of your family, don’t
leave anything to chance. Call New York Divorce Lawyer Lois M. Brenner,
Esq. to schedule your free consultation. 212.734.1551.
There is no case too difficult or financially complex for Lois Brenner