High Net Individual and Business Owner Divorce

Two hands gripping a yellow model house with grey roofWhen you are involved in a divorce, anything is on the table. This means that your assets may not be as protected as you once thought. If you are a high net individual or a business owner who has many assets to protect, there are some things that you must remember. This is why we are here to help you through your every need.

High Net Individuals 

When you are a high net worth individual, there are many mistakes that you might accidentally make, which is why it is a good idea to have a helpful attorney on your side through the process. One of the most important steps in the divorce process for high net work individuals is tedious planning. Planning is very crucial to the process because there are many aspects involved in these divorces that could be threatened at any time, such as patenting plans and financial assets. This is why you should always be open and honest throughout the divorce, especially when it deals with your children. Always be realistic about your work and travel schedule as well as flexibility. Your attorney will know how to protect you throughout this tiring time.

Having a divorce attorney in these situations is also helpful because they will help you litigate intelligently. You should always resolve as many issues as possible before you go before a judge, such as custody, child support, and property issues. You will spend less time and money on dealing with these issues later if you settle on them right off the bat, as long as you both believe the outcome is fair. Something that you should never do during the litigation process as a high net worth individual is outspend your spouse. If you act as if you are in control of all the money and finances during the divorce, the judge may not take it very lightly. This is a joint effort expected from you. In the end, you might end up paying some of your spouse’s fees and you want to avoid that at all costs.

There are many other steps you must take to ensure the safety of your assets and things most important to you. For instance, you should never just agree to everything your spouse wants to get the easy way out of this divorce. You never want to give a spouse anything just to get rid of the trouble – a divorce attorney will help you work through these issues and make alimony, division of assets, and many more aspects fair. Another thing you must also remember is that you should never hide assets. It is not clever to transfer any valuables to a third party because the court will find out. And when they do, your credibility will go right out the window.

Advice for Business Owners

One of the things that you can do to protect your assets as a business owner actually happens before the marriage: a prenuptial agreement. A well-drafted prenup will contain all the important information that will detail your property rights and expectations. This becomes a very powerful tool in protecting your business, even though they can be tricky at times. Another option, of course, is differentiating between what is separate property and actual marital property. An attorney will help you establish this and help you through the tricky process of making these determinations.

If you are a high net worth individual or own a business, the one thing you may be thinking is this: How will I protect myself and the assets that matter the most to me? This may be a bit tricky, but we are here for you through the whole process. Just give us a call today to get started on your case.