High net worth divorces need not be as messy, claim Fort Worth attorneys

Aug 31 10:21 2017 V. Wayne Ward Print This Article

When a marital estate consists of a high-dollar, complex asset portfolio, there is much at stake in the property settlement aspect of a divorce.

If you are currently going through a high net worth divorce,Guest Posting you need to take care to not let your emotions get the best of you and push you to make a potentially terrible decision that seriously affects your future. 

Common mistakes made during a high net worth divorce case:

  1. Giving in to your emotions:
    Depending on your situation, it may be tempting to give in and launch a full-scale attack on your soon-to-be ex-spouse in the courtroom. There are many lawyers out there who will gladly support you in this endeavor, but in many cases this approach leads to escalating conflicts and an outcome that neither party is happy with. It could drag the legal battle on for weeks, if not months, and cost you more money in the long term. This tactic can also force your children or other family members to pick sides and create rifts that last long after the final papers are signed.
  2. Lying about your assets:
    According to the National Endowment for Financial Education, more than 30 percent of people admitted to lying about their assets to their spouses. While this is a worryingly common practice, there are a number of consequences you need to consider before attempting to hide your assets or transferring them to a third party. There are a number of penalties you could face depending on what you attempt to hide and how you choose to hide them, including significant financial penalties and even jail time.
  3. Agreeing to unfavorable terms:
    While you may be looking for any way to speed up the divorce process in order to move on with your new love, get away from your current spouse, or simply move past this part of your life, agreeing to terms without fully understanding the consequences could put you in a disadvantageous position in the future. You may wind up without the assets you need, responsible for excessive alimony payments, and a number of other financial consequences you may not be able to get out of in the future.
  4. Hiring an attorney who isn’t right for you:
    It shouldn’t come as a surprise that one of the most damaging things you can do to your case is hiring the wrong attorney. Maybe they prefer more aggressive tactics than you’re comfortable with, maybe they lack the courtroom experience you need for your case, or maybe they have too many cases already on their plate and can’t devote the attention necessary to secure a beneficial outcome. No matter the reason, the wrong attorney will put you in a bad position moving forward and could potentially jeopardize your financial future.
  5. Overlooking potential tax consequences:
    Because high net worth divorces often include transferring large sums of money of valuable assets, you need to be careful about the potential changes to your taxes. It’s important to sit down with your attorney to go over the numbers before signing anything so you aren’t caught by surprise next month.

What more do I need to know about high net worth divorces?

  • All divorce cases deal with the division of marital property. But high net worth cases differ because the assets and property in these cases are more varied, substantial, and have complex tax considerations.
  • Often, complex debt issues accompany complex assets. These must be divided as well. While some debts seem to obviously belong to one party or the other, it might be argued that they are marital debts. It's worth paying someone with experience to divide debt along with assets.
  • Family law attorney are required to be sensitive to privacy issues for elected officials, school district leaders, large business owners, prominent professionals, well-known artists and performers, wealthy property owners, members of the clergy and other public figures. Private, non-litigated pretrial solutions can help keep private details of a divorce out of the newspaper and off of radio and television broadcasts.
  • Attorneys also advise their client to seek resolution in property division and child custody arrangements through alternate resolution strategies such as:
  1. Mediation
  2. Collaborative Divorce
  3. Private settlement conferences

When you are divorcing, and particularly if you are involved in a high net worth divorce, you need to have an expert on your side. There are many competent lawyers that handle the average divorce every day. Although they are good lawyers, they do not have the experience that you need going into a divorce with substantial assets.

Even though emotions and frustrations run high, don't make the critical mistake of trusting your divorce case to a lawyer that doesn't have experience with high net worth cases. Hire a specialist lawyer and give yourself the advantage you need.

If you have substantial assets, and you're thinking of divorce, you need to have the right type of attorney.

Get in touch with Fort Worth based highly experienced and divorce lawyer to represent you in

Source: Free Guest Posting Articles from ArticlesFactory.com

  Article "tagged" as:

About Article Author

V. Wayne Ward
V. Wayne Ward

Forth Worth divorce lawyer believe that high net worth divorces may be difficult to represent, but, losing is not an option

View More Articles