Divorce is a challenging process, often marked by emotional turmoil and financial strain. The toll is even higher if it is a high-net-worth divorce involving assets of at least one million dollars. The higher the worth of the assets involved, the higher the stakes for all parties. It can be challenging to know where to start if you have entered a high-net-worth divorce proceeding. This piece discusses five essential steps you should take as you deal with this issue:

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Take Note of Hidden Assets

The law requires you to disclose every financial asset, whether you are the petitioner for a divorce or someone files a case against you. Despite these legal requirements, some always succumb to the temptation of hiding some of their assets.

Family attorney Matt Towson of Towson Law Firm, PLLC, advises that individuals often hide assets by opening a separate bank account, concealing assets with loved ones and relatives, and diverting money from a joint account. Some even hide financial assets in foreign accounts or within their ventures.

The other party or even the authorities can use experts to unravel any hidden assets, and the consequences can be dire for you. You may face criminal charges, and the court can also order you to pay the other party’s attorney fees.

Furthermore, the uncovered hidden assets will make you lose credibility, making it challenging to reach a logical settlement. It will also lead to mistrust in the judge handling the matter.

Regardless of the context of your divorce, it will be risky to assume your partner has objectively disclosed all their assets, especially if they are more financially knowledgeable than you. Liaise with your lawyer to engage experts who can unearth hidden assets. For instance, you can contact a forensic accountant to track down bank details and assets that your partner has hidden.

Beware of Sentimentality of Assets in Your Divorce

Asset division in a divorce goes beyond finances. You or your partner may have sentimental attachments to valuables, items, and other assets that the proceedings must consider. Such valuables in a high-net-worth divorce include businesses, investment properties, and a house.

Dividing physical assets in a high-net-worth divorce can be challenging due to the intermingling of emotions and financial valuations. That is why engaging a responsive lawyer who understands high-net-worth divorces is essential to resolve the impasse through a practical approach. Combative lawyers eager to go to trial can make things messier and exploit you.

Be Attentive to Child Support Challenges in a High-Net-Worth Divorce

Kids in high-net-worth divorces are often in a fix due to likely trusts, high living standards, and probable high tuition fees. Hence, child-associated costs may be higher in a high-net-worth divorce.

Furthermore, due to your high income, child support computer programs like calculators and estimators may not apply. Due to the differences in child support across states, knowing your jurisdiction’s specific procedures for determining child support is crucial. A highly skilled family law attorney can enlighten you on this.

Speak with a Divorce Law Attorney

It is crucial to proactively engage a divorce law attorney to set the tone of your divorce right. High-net-worth divorces are undoubtedly complex, tricky, and taxing. You need a lawyer who has handled similar cases in the past.

An ideal lawyer for a high-net-worth divorce is vast in family law and has worked on other issues that position them to expertly deal with this type of divorce’s complex financial and custody challenges. For instance, it will be to your disadvantage to engage a lawyer who needs to learn more about finances.

Engage Other Professionals

Notwithstanding one’s marital status, a high-net-worth lifestyle usually entails the consultation of business, estate, and financial experts. You must engage these experts once involved in a divorce proceeding—your tax consultant, real estate professional, and corporate or business attorney.

People myopically write off their impact in a high-net-worth divorce, but if you maximize them, they can be game-changers. Specifically, they help you unravel hidden assets, evaluate properties, and resolve some complex matters.

Final Thoughts

Divorce can be stressful and daunting to the parties involved. As observed earlier, the stress is even higher in a high-net-worth divorce because it is exceptionally complex. That is why you must not attempt to go into the proceedings without a legal professional’s guidance.

In this context, a divorce or family law attorney would be invaluable. They have handled similar issues and will ensure the other party does not manipulate you. They will protect your rights during the case and help you recruit other experts to increase your chances of a fair outcome.

The best way to alleviate the stress of a high-net-worth divorce is to involve passionate professionals.