High net worth families are more vigilant than ever before. With the dawn of social media, high net worth families are starting to take actions to make sure that their wealth is protected at all costs. For instance, the divorce of Jeff Bezos to Mackenzie Bezos was one of the highest net worth divorces of the century. It is due to their divorce and the changes in law that high worth families are finding new ways to protect themselves and their wealth. This is where a High Net Worth Divorce Lawyer such as one from the Law Office of John F. Zeckel, S.C. comes into place.
Although a family law judge approves most of the divorce settlements in most states throughout the United States, the couple seeking a divorce may determine the terms which they desire to be a part of the settlement. If both the parties agree to negotiate the terms of their divorce outside of court, it is completely possible. However, it is pertinent that one seeks the help of a high net worth divorce attorney to ensure that the differences between the parties are effectively settled outside of court. Moreover, it can prove highly beneficial for high net worth families to consider hiring a high net worth attorney that specializes in divorce. It is particularly important where both of the spouses agreeing to a divorce are high net worth individuals or belong to a high net worth family.
If you are thinking about having a high net worth divorce, it is crucial that you have the right person by your side to provide you with the technical and emotional support you need during such a difficult time in your life. Some of the most common mistakes that people tend to make during a divorce are mentioned below and look at the importance of hiring a high net worth attorney.
- Giving In To Emotions
Divorce is a time in your life where all emotions run on a all-time high. You might be tempted to launch a full on-scale attack on your ex-partner in the courtroom depending on the reason and how your marriage ended. There are plenty of attorneys out there who will assist you in seeking revenge. However, only a high net worth attorney will be able to convince you on the best approach since a revenge-seeking approach would only lead to an escalation in conflict and would only drag the divorce. Besides, it would lead to an outcome which neither of the parties would appreciate. The legal battle could go on for months on end and would cost you and your family a ton of money in the long-run. In order to ensure that you have someone who understands what is best for you and your family, you need to consider hiring a high net worth family attorney.
- Lying About Assets
It is extremely common for divorcing parties to lie about their assets to their spouse. As this has legal consequences, it is important to seek professional assistance to ensure that the best approach is sought when it comes to discussing your assets. Before you attempt to hide your assets or consider to transfer them to any third party, you need to know about the legal procedure in place and if there are any penalties in place for such actions. A high net worth attorney will help ensure that you dodge any penalties and are able to achieve the best outcome.
- Agreeing To Any Unfavorable Terms
With emotions at an all-time high, you may want to put an end to the divorce and might end up agreeing to any unfavorable terms in the process. This is why you need a high net worth attorney to make sure that you do not agree to any unfavorable terms that might prove costly in the long-run.
It is obvious that you might want to speed up the divorce process to start your new life and move away from your current partner to a new place or maybe even a new lover. However, that does not mean that you should agree to just about any terms and let your ex-partner take advantage of your situation. You might end up with less assets than you normally would if you have a high net worth attorney. Furthermore, there is no reason for one to pay excessive alimony payments. Hence, a high net worth attorney will help ensure that you do not have to deal with any financial consequences.
- Potential Tax Consequences
When it comes to high net worth divorce and high net worth families in general, it is common for large sums of money from valuable assets to be transferred. Hence, it is pertinent to be careful about potential tax consequences. Sit down with a high net worth attorney to discuss any potential tax consequences before you sign on any document. The documents should be first inspected by the attorney to ensure that there are no surprises next April.
- Greater Control
One of the main reasons why high net worth families and high net worth divorce individuals seek the services of a high net worth attorney is because of the fact that it provides you with greater control over the divorce procedure and your wealth. When you opt for a high net worth attorney to settle the terms of the divorce outside of court, you end up calling the shots instead of having to face life-changing decisions like spousal support, child custody arrangements and etc. It is always a better idea to hire a high net worth attorney rather than placing your life in the hands of a judge. Without the assistance of a high net worth divorce attorney, it is impossible for couples to work out the complex issues one-on-one. It is in their best interests to do so. Besides, it also provides the couple and the entire high net worth family with much needed privacy. It is crucial where the spouses are public figures and need to maintain public appearance.