High Net Worth Divorce
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If you are part of a high net worth couple and are considering divorce, know that your divorce will not be streamlined or simple. Because of the financial complexity and weighty implications, working out the legal side of high net worth divorce tends to take a lot more time, skill, and experience than other divorces.
One of the best things you can do for yourself when splitting up with your partner is to get a knowledgeable divorce lawyer in the mix. The attorneys at our Orlando office are prepared to work long hours and help you obtain a divorce settlement you are happy with.
Call (800) 822-5170 to schedule your complimentary consultation with us today.
Divorce Between Entrepreneurs and Business Co-Owners
One common form of high net worth divorce is that of divorcing entrepreneurs and/or couples who co-own family businesses. Because divorcing couples hardly ever wish to continue co-owning and operating a business together, divorce typically means the business must either be split as evenly as possible, allocated to one person, or dissolved and shut down. In any case, this takes a great deal of financial finagling and negotiation between both parties.
Whether you opt to split up your business, take it over, give your spouse sole ownership, or shut it down entirely, these have far-reaching consequences in terms of taxes, shared assets, employees, and more. You can’t hire just any divorce lawyer to help you work through the business-related ramifications of your divorce, and it is crucial to get legal help from a professional you can trust.
Prenuptial and Postnuptial Agreements
Many high net worth couples have instituted a written understanding regarding assets and finances at some point, either in the form of a prenuptial or postnuptial agreement. However, to the chagrin of at least one person, many couples find out during their divorce that their agreement is not enforceable. It can greatly complicate your divorce if a pre- or postnuptial agreement is not properly notarized, found to have been signed under coercion, or deemed legally indefensible for any reason.
It is always a good idea to be prepared and avoid surprises when diving into a challenging legal and financial process like high net worth divorce. Contact an experienced attorney and ask about having your agreement reviewed to ensure validity and enforceability. Even if your agreement is unlikely to hold up in court, you and your lawyer can anticipate the resulting challenges and work together to formulate a plan.
Negotiating Support Arrangements
If you or your spouse is significantly more affluent than the other (or would be on their own), a support arrangement may be necessary. Whether you anticipate having to pay spousal support or feel your spouse should be required to financially support you after your divorce, you will need the help of a skillful, firm negotiator to help you ensure your spouse doesn’t take advantage of you by paying less than you deserve or demanding more than is fair.
Classic Mistakes in High Net Worth Divorce
Many divorcing couples are angry with one another and are eager to split up as soon as possible. However, accepting your spouse’s terms just for the sake of quickly wrapping up your divorce can result in major losses for you, in the short and long run. Don’t walk out the door without ensuring you receive your fair portion of retirement savings, shared assets, and the like. Financial security after high net worth divorce nearly always requires patience and negotiation during divorce.
Also avoid hiring an attorney who pitches themselves as the “most aggressive” or the “toughest.” Being aggressive and tough on behalf of clients is crucial to success, but winsome negotiation is also important and can save you a lot of time and money. By bringing on an experienced lawyer with experience in mediation and negotiation. When you work with our legal team at The Virga Law Firm, P.A., you can ensure we will work toward a fair arrangement and positive result without picking a fight at your expense.
Schedule your complimentary consultation with us today.