Why would the high net asset couples decide to divorce each other? The reasons might not have anything to do with their net worth. They might include domestic violence, adultery, or alcoholism. However, there are some causes specific to high net assets, including spending too much time at work, frequent travel, and gambling addiction.
Either way, when the divorce is imminent, you can’t do anything but accept that fact. It is in your interest to behave intelligently during the divorce process as that can ensure a relatively positive outcome for you in the end. Here are some common mistakes that you should avoid in high net asset divorces.
No Room for Emotions
It is not uncommon for one or both parties to feel guilt because of the divorce. If you are feeling guilty, it increases the chances of making poor decisions. Here is an example – the husband committed adultery and he is aware that is what led to divorce. That is why he is willing to accept that his wife gets their luxurious home, and maximum spousal support, although the law would give her a lot less than that.
It is of vital importance to note that there is no room for emotions in high net asset divorces. You need to observe the process as a businessman – each decision should be in your interest and have rational ground.
No Rush When Making Decisions
The divorce process is tough on everyone, which is the reason why many people want to speed it up as much as they can. It may be because they cannot handle meeting their spouse anymore, or they found someone else and want to move on with their life.
The only reason why you would consider accelerating the divorce process is physical violence. Apart from that, you should make sure to take time and analyze things rationally. Otherwise, you might make mistakes that would lead to financial and other consequences. A professional lawyer can help you to remain rational and smart throughout the process.
No Hidden Assets
For high net worth people, it is hard to identify and uncover all assets that should be divided during the divorce. That is why many spouses try to hide some assets and keep them for themselves. They may even ask a business partner or friend to keep some of their assets until the finish of the process.
Keep in mind that transferring money or other assets to others is considered a fraud. Forensic accountants and other professionals will probably uncover these hidden assets, which will affect you negatively in court.
No Hiding Things from Your Lawyer
High net worth spouses worry about their reputation, which is the reason why they hide things not only from the public but also their lawyer. Keep in mind that there is something called lawyer-client confidentiality. As long as you find a reliable attorney, you should make sure to tell them everything. It is the only way for them to prepare the right strategy and secure a positive outcome for your during the process.