Divorcing a millionaire can be a financially complicated and an emotionally
draining ordeal. Whether you are the spouse seeking the divorce or the
one who is being served with divorce papers, there are several important
things that you need to know.
As a psychologically trained divorce attorney and mediator with extensive
financial savvy, having worked at Sullivan and Cromwell early in my legal
career, I have worked successfully with many millionaires in my over 35
years in the legal profession.
I have developed a checklist of key aspects for divorcing a millionaire.
Here’s what you need to know!
Prepare for a Complex Financial Picture
When divorcing a millionaire, the financial picture is likely to be complicated.
High-net-worth divorces often involve multiple properties, investments,
businesses, and other assets that need to be valued and divided fairly.
It is important to work with a knowledgeable divorce lawyer who has experience
handling high-net-worth divorces and who can help you navigate the complexities
of your financial situation.
Understand Your State's Laws
Divorce laws vary from state to state, so it is important to understand
your state's laws regarding property division, spousal support, and
child custody. In some states, assets are divided equally, while in others,
they are divided based on what the court deems to be fair and equitable.
Make sure you understand your state's laws and how they apply to your
situation.
Hire a Qualified Divorce Lawyer/Mediator
A qualified divorce lawyer/mediator can help you navigate the legal complexities
of a high-net-worth divorce. Look for a lawyer/mediator who has experience
handling high net worth individuals. Make sure you feel comfortable with
the attorney/mediator you select, communicate effectively with them, and
ensure they have sophisticated financial skills.
Work With a Financial Planner
In addition to a divorce lawyer, it is important to work with a financial
planner who can help you understand the long-term financial implications
of your divorce settlement.
A financial planner can help you understand the tax implications of different
asset divisions, evaluate the long-term effects of spousal support payments,
and create a post-divorce financial plan. I have financially sophisticated
planners as part of my divorce team to evaluate complex financial portfolios.
Consider Mediation
Mediation can be an effective way to resolve disputes in a high-net-worth
divorce. In mediation, a neutral third party works with both parties to
negotiate a settlement agreement. Mediation can be less expensive and
less time-consuming than going to court, and it allows both parties to
have more control over the outcome.
My unique mediation process has helped many divorcing millionaires hold
on to substantial assets instead of spending hundreds of thousands battling
in a courtroom.
Be Prepared for Public Scrutiny
Divorcing a millionaire can attract public attention, especially if one
or both parties is well-known or has a high public profile. Be prepared
for the possibility of media attention and public scrutiny. You may want
to consider working with a public relations firm to help manage your public
image during the divorce process. Using mediation as your divorce path
will also keep you out of the press!
Be Prepared for Emotional Challenges
Divorcing a millionaire can be emotionally challenging, even if you are
the one initiating the divorce. The process can be stressful and can bring
up a range of emotions, including anger, sadness, and guilt. It is important
to take care of yourself during this time, both emotionally and physically.
The therapists on my team are highly skilled at addressing and treating
the stressors of this type of divorce.
Divorcing a wealthy person can be a complex and challenging process, but
with the right preparation, guidance, and skilled divorce attorney/mediator,
it is possible to navigate the divorce process successfully.
There is no easy path to divorce whether you are a millionaire or not!
Mediation is a great alternative to battling in court and spending your
family’s finances unnecessarily.
If you do have a high-net-worth portfolio and need the best to move you
financially successfully through the divorce process, call me!
I am offering Free 1-hour consultations and still have a few available
for this week.
All our
FREE I-HOUR CONSULTATIONS are
still conveniently
available virtually.
Warm regards,
Lois
If you have a high-net-worth divorce, call New York Divorce Lawyer Lois
Brenner now to schedule your Free 1-Hour Consultation.
212.734.1551