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