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3 tips for dealing with a high-asset divorce

On Behalf of | Sep 25, 2017 | Blog |

As a wealthy individual, you likely took logical approaches to your career in order to gain the success you have garnered. Often, the business decisions you made probably took a considerable amount of time to review in order to assess the impacts those choices could have on the present state of your company as well as future endeavors. As a result, you undoubtedly want to protect your wealth as best as possible in any situation.

Now that you face divorce, you may have particular concerns about your finances. Additionally, depending on the specific circumstances of your situation, you may have emotional issues that could impact your judgement during this time. Although you may feel accustomed to making logical decisions when it comes to business, you may feel less confident when it comes to dealing with the emotional factors of divorce.

Think long term

Just as you would do when it comes to business decisions, you may want to consider the long-term impacts of any decisions made during your divorce. Although the process may prove stressful for a variety of reasons, if you start making decisions simply to get the proceedings over with, you could end up with negative outcomes that seemed fine when made under stress but have considerable impacts later on. This result may prove especially true when it comes to financial decisions.

Resist spite

Although the ending of your marriage may have hurt your feelings, you may want to avoid using the divorce process as a way to hurt your ex. Even if your divorce case proves contentious and stressful, remaining focused on your goals and how to emerge successfully on the other side of divorce could help you make wise decisions during your proceedings. Certainly, some decisions may be worth the fight to ensure a beneficial outcome, but you could damage your chances of a truly useful outcome if you make decisions based on spite.

Assess the various parts

Although many people may consider divorce as one process, many parts contribute to the process overall. Some individuals may choose to only focus on a few areas, and as a result, they may miss out on important aspects that they should have considered sooner. Just as your business has many parts to consider in order to make it run smoothly, looking at tax implications, spousal support obligations, property division and numerous other factors could benefit you during divorce. Because high-asset cases can prove particularly contentious, paying attention may prevent unexpected surprises, and the professional advice of an experienced Board-Certified Family Law expert could be an extremely wise investment under the circumstances.