Divorce can be a difficult process emotionally, but it’s even more challenging when a couple is dealing with high-value assets. Divorcing without legal assistance is always a mistake, but it can be financially devastating with substantial assets, businesses, trusts (on-shore and off-shore), and other complex investment vehicles.
The mistake some couples make is thinking they can save money by not working with a lawyer. This can be tempting when you and your soon-to-be-former spouse agree on most divorce issues. However, despite being amicable and believing it will be easy to divide your assets yourselves, it is a mistake. Divorcing without the assistance of a lawyer and tax professionals can lead to long-term financial loss.
What are the Benefits of Working with a Divorce Lawyer in a High Asset Divorce?
Working with a lawyer familiar with intricacies and complexities of a high net worth matter ensures you have someone on your side. A lawyer understands and has experience with divorce and the laws in your state. Working with a lawyer means issues including property division and spousal support will be handled appropriately. When your assets are complex and worth a lot of money, working with a lawyer is essential.
Lawyers also know the paperwork that needs to be filed with the court system in a divorce and they will take care of these things in an efficient manner. Your financial disclosure statement(s) are essential and crucial in a divorce; it is imperative that these documents (Case Information Statement in New Jersey/Net Worth Statement in New York) are accurate and complete as it can make or break your case if it is not.
Despite the approach you have toward your high asset divorce, there is no guarantee your former spouse will feel the same way. There’s also no guarantee your feelings won’t change as divorce proceedings move forward. For most couples, the divorce process includes a great deal of anger and confusion. Even under the best of circumstances, both spouses are likely to feel some grief about their relationship drawing to a close.
Divorce Lawyers Prevent Emotions from Getting in the Way of a Fair Outcome
Emotions tend to make the process more challenging in a high asset divorce because there are more assets and money at risk. They create a barrier to making sound financial decisions. Depending on your circumstances, you might be willing to appease your former spouse. Some people do this to make the situation better or to make up for any mistakes that were made.
Others find they still have hope the relationship can be saved, which leads to them relinquishing some of their control during a divorce and “giving in” to their soon to be ex-spouse. They are thinking that if they agree to all of their spouses demands it could open the door for reunification.
An attorney experienced in high asset divorce provides a sensible third-party voice to help you make the best decisions. Working with someone who has no emotional connection to the situation can shed light on your options and help you make the best choices throughout the divorce process.
Your divorce lawyer will ensure you are treated fairly and you do not give in to unreasonable demands when emotions are running high.
Finally, a high asset divorce lawyer will help you look forward and anticipate your future financial situation. Experienced lawyers have seen a variety of different situations and they know how to manage the present with an eye toward the future.
If you have questions about divorce or you’d like to schedule a consultation to speak to a lawyer who has experience with high asset divorce, contact Gourvitz & Gourvitz, LLC at (973) 467-3200 or (212) 586-1700.
