High net worth divorces must be handled differently than the typical divorce – it’s the only way to protect the money, assets, property, and businesses at stake in these proceedings. When handling a high net worth divorce in Rhode Island, make sure you follow these crucial dos and don’ts.
DON’T agree to anything just for the sake of getting out. When you’re desperate to get out of the marriage, it can be tempting to agree to any “offer” thrown your way. Don’t. Hastily agreeing to an alimony agreement or division of assets could leave you short of what you’re actually owed. Although it may be difficult, holding out for the right settlement will be well worth your while.
DO investigate the situation. It’s not uncommon to find hidden assets or income in high net worth divorce. That being said, make sure you launch a full investigation into your finances as a couple before the divorce is finalized. You may be surprised at what you find.
DON’T approach the situation from a “revenge” standpoint. If you think you’re going to make your spouse “pay” for any wrongs that occurred during the marriage, think again. This is not the right time or place to do it. Any additional finances you make your spouse pay now could affect you later. And it certainly won’t aid in your healing or overall emotional wellbeing.
DO consider potential tax consequences. Before you divorce, know what you’re getting yourself into. Especially in high net worth cases, dissolution of the marriage could result in tax consequences, i.e. taxed assets. The right divorce lawyer can help safeguard your finances and protect you from any serious financial hardships along the way.
DON’T be persuaded by friends. Just because a neighbor or close family friend had one experience, doesn’t mean yours will be the same. Don’t get caught up in statements like, “My friend lost millions in his divorce.” Comparing your case to someone else’s won’t get you anywhere. Trust that your lawyer knows what they’re doing and proceed as instructed.
DO hire an attorney. Not all divorce lawyers are equipped to handle high net worth cases. When you have large amounts of money and personal assets on the line, you need an attorney who can skillfully represent your best interests. You need an attorney who has successfully handled high net worth divorces in the past. You need TJC • ESQ.