What A High Net Worth Individual Needs To Know About Contested Divorce
Contested divorces, with high net worth couples have a high probability of getting ugly. This is due to the amount that both parties could lose, in addition to their marriage.
For couples who truly cared about one another at one time, neither party wants to see even an ex-spouse thrown out into the cold. Yet, that doesn’t mean that one or both parties should have to give up half of everything that is legally theirs, simply because of a divorce.
Here is what happens when a high net worth divorce becomes contested, along with some tips to protect the assets of individuals as well as business owners.
During a contested divorce, there are one or more challenges that the couple cannot come to an agreement on. Until a decision is reached in all the challenged areas, that is agreeable to both parties, the divorce cannot be finalized.
A few of the challenges that can be contested during divorce proceedings include:
- Child custody
- Property distribution
- Spousal support
- Grounds for divorce
- Pendente Lite Application
When the contested divorce involves a high net worth individual, the stakes are even higher, as there is more to lose, such as business assets and multiple properties.
That is why you need a dedicated, experienced, invested lawyer, who is working in the best interest of the party in question.
The best way to protect your assets is to create a prenuptial agreement. However, that foresight is often thought of as dooming the relationship to failure, before it even begins. Although, this could be a positive sense of security for both parties and if the marriage does end in divorce, it will likely save months of litigation and aggravation, because both parties had already agreed on terms. If a prenuptial agreement was not drawn up, here are a few tips to protect your assets during the divorce proceedings.
- Know Your Worth: Know what your biggest asset is.
- Keep the Value of Your Assets in Mind: If you are expecting a large increase in the value of your assets, keep that in mind when making divorce plans.
- Dividing Property: In New York, the division of assets is to be done “fairly”. This means that neither party is supposed to make out better than the other.
- Compromise is Key: If you show the court that you are trying to work with your soon-to-be ex, it is far more likely that you will end up being positively affected in the long run.
Owning a business while in the middle of a divorce can seem like the worst decision of your life.
However, if you follow these steps and use these tricks, your business can likely stay almost completely out of your divorce proceedings.
- Keep Personal and Business Finances Separate: Also, keep meticulous records of these finances to show the court.
- Pay Yourself Well: If you use more of your money on your business than you do your family, the court may make that a reason to give your ex more equity from the business.
- Ensure Your Spouse has Nothing to Do with the Business: If your ex doesn’t own the business, that’s a good start, but also, ensure that if they are in any way hired or paid by the business, fire them and cut all ties.
In summation, even if you are a high net worth client who is going through a contested divorce, that doesn’t mean that you are going to lose everything. All you need is a good, well-respected and experienced attorney to handle your case.
If you are looking for a divorce lawyer in New York, contact Brian D. Perskin & Associates P.C. today.