Surviving A Divorce When You Have Lots Of Money
People with lots of money rightfully fear getting divorced. They know their assets will come under a tremendous amount of scrutiny.
If you have a high-net worth, it is always best to consult with an experienced divorce lawyer. During consultation, here are three of the most important divorce concerns you will want to talk about.
The Dreaded Temporary Restraining Order
It is highly likely that, as a person with lots of money, your estranged spouse will have their lawyer request a temporary restraining order (TRO) on your finances. In other cases, the court issues the injunction automatically. The goal here is to freeze the accounts so that you cannot hide money.
The judge and opposing side want to investigate all of your accounts to ascertain your total worth. The problem is that a TRO can slow down your business activities, make it impossible to take a needed vacation or difficult to pay tuition for the kids.
Speak with your divorce lawyer about negotiating the issue of finances fast to transcend the TRO. In fact, judges generally want the parties to work out the financial situation themselves, so everyone can get on with daily life, which, of course, requires money.
The Pain of Asset Distribution
Part of the final divorce settlement will include asset distribution. There are two common ways of allocating communal assets. First, the judge, depending on the jurisdiction, can use a 50-50 formula. Under this agreement, the couple splits the property equally, both receiving half.
The second approach is an equitable one, in which the judge decides who deserves what. In high net-worth cases, this method can benefit the one with the most personal wealth or largest income. Your divorce attorney will want to work with the court and opposing counsel to arrange the best asset distribution for you.
Being the Top Story in the News
Big money divorces often make the tabloids. Court proceedings are public, in general. It is hard to avoid the ever-watchful eye of courtroom journalists. One way to stay out of the press is to undergo a private, mediated divorce. This non-adversarial proceeding allows you to work things out in a friendly manner. There is less animosity than experienced in a courtroom battle, leaving little for the media to find out, even if they could.
Get Legal Counsel Now
If you are contemplating or undergoing a high net-worth marriage dissolution, speak with Patton Hoversten & Berg PA or other experienced divorce lawyers today. Doing so could be the key to successfully avoiding the many problems that can plague a divorce when serious money involved.