The challenges of divorce grow exponentially with high net worth couples. The marital estate is worth more and there is much at stake when factoring in real-estate properties, business holdings, the standard of living and the substantial asset pool.
The right legal counsel makes a difference in how difficult it is to finalize the divorce but the process will still have its ups and downs.
Tragic mistakes to avoid
By avoiding these serious mistakes, you can eliminate some of the chaos and frustrations of a high asset divorce.
1. Panicking over a prenup
Individuals with significant wealth often put a prenup in place before marriage, but for those who acquired the wealth throughout the marriage, this document may not exist. Two individuals can still learn to compromise and negotiate rationally and fairly.
2. Believing a sense of entitlement
A driving sense of entitlement can sabotage peaceful negotiations and the settlement you hope to achieve as compensation. Acknowledge that both parties made valuable contributions to the family and accumulation of wealth and work toward an equitable distribution.
3. Thinking the system does it all
Even though the case may end up in court, you still need to work out the details of a parenting plan, provide the documentation of assets and so on. A legal team does the bulk of the work, but you need to stay involved in the process and provide all of the information requested.
Preparing yourself for the messiness of divorce is not the same as going through the process. Understand how difficult the situation is and follow the advice of your legal counsel.