The divorce process can be incredibly stressful and draining experience,
both emotionally and financially, for everyone involved. In
high net worth divorces, that second part can become even more stressful as both you and your
soon to be ex-spouse fight about who keeps what and how much of it is
really theirs. As this topic becomes increasingly relevant with the recent
high-profile divorces of Amber Heard and Johnny Depp (combined estimated
net worth of more than $400 million) as well as Angeline Jolie and Brad
Pitt (combined estimated net worth of about $400 million), it’s
important to consider the elements that go into this process, especially
if you expect to find yourself in a similar position in a the near future,
in order to avoid a costly mistake. Some of the most dangerous ones to
look out for include:
Giving in to Your Emotions: No matter how good you think it might feel to go after your soon to be
ex during the divorce proceedings, it is incredibly unlikely to result
in any meaningful success for you. In fact, many times instigating a contentious
divorce can lead to an extended legal battle that will only serve to drain
your wallet more than is necessary. In addition, it may put your family
and loved ones in the uncomfortable position of needing to choose sides
– no matter how convinced you are that everyone is with you, some
may end up surprising you, and that’s a risk you shouldn’t
have to take.
Ignoring Taxes: High net worth divorces often include the transfer of large sums of money,
and that can have a dramatic effect on your taxes. It’s important
to take the time to look through your finances in order to calculate the
change with your attorney so you aren’t blindsided come next tax season.
Trying to Hide Your Assets: No matter how valuable you may consider your asset to be, attempting to
lie about it or hide it away can result in serious penalties, ranging
from major fines to jail time. Even with these deterrents in place, over
30 percent of Americans admitted to financially deceiving their partner
according to the National Endowment for Financial Education.
Agreeing to Terms Just to Move the Process Along: No matter your motivation for looking to complete the divorce process
as soon as possible, whether you’re hoping to start the next phase
of your life with a new flame or if you just want to get as far away from
your soon to be ex-spouse as quickly as you can, agreeing to terms without
going over them with your attorney first will inevitably lead to problems
for you down the road like unfavorably divided assets or massive alimony payments.
Hiring the Wrong Attorney: An inexperienced or unqualified attorney could seriously damage your future,
especially financially, by unnecessarily pursuing aggressive tactics that
extend the legal battle, by lacking the knowledge to secure you the terms
you deserve, etc. Whatever their problem is, hiring someone who can’t
provide you with the legal counsel you require could put you in a seriously
disadvantageous and completely avoidable position.
At James D. Madden & Aruna P. Rodrigo, Family Law Attorneys, our an Bernardino high net worth divorce
lawyers have spent their careers representing clients and providing them
the experienced and knowledgeable representation they need to secure the
agreement they deserve. If you are considering filing for divorce, of
if you’re looking for a different attorney, contact us today to
discuss your options by giving us a call at (909) 344-5704 or by
filling out our online form to request a free assessment of your case today.