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How should the wealthy approach divorce?

| Mar 21, 2018 | Blog |

No one is immune to the threat of divorce. Divorce may come as a complete surprise to one partner and leave many decisions clouded with heavy negative emotions and feelings of uncertainty. It can be difficult to navigate your way out of a marriage where lives and households have blended together in legal union.

Depending on the situation, wealthy divorces can be either costly or economic. Avoiding a contested trial divorce may be in your best interest when seeking to spend the least amount in divorce expenses. If both parties are in agreement on major decisions, divorce mediation can save both stress and money.

Create a team of professionals

High net-worth individuals getting a divorce are encouraged to sit down and discuss all aspects related to their assets, children, business and more with multiple professionals. Speaking with your team of financial and legal experts will prepare you for what to expect on the road ahead. It is helpful to map out a plan for each of the various outcomes when it is uncertain what will happen to income and property division.

Financial security matters

It is worth noting that marriages between the wealthy are typically imbalanced in terms of income. Men are typically at a greater advantage than women post-divorce. This means extra planning and attention should go into securing a firm financial platform for women– whether or not a prenuptial agreement has been signed.

Peace of mind favors the prepared. It is best to seek out sound legal and financial counsel related to what you can expect after your divorce is final. Once a final decision is made, it may be difficult to change it later on. By working thoroughly with trusted legal and financial advisors, you can prepare yourself for the new life shift ahead.