Tips To Survive a High Asset Divorce

By Nottage and Ward on October 5, 2015

Any divorce is a difficult situation. But, when you have a high net worth, a divorce can be even more complex and stressful. You have to not only work through the emotions of ending your marriage, but have to also defend yourself and the financial assets you’ve worked so hard to build. In negotiating the terms of a high asset divorce, an experienced lawyer can help sort through you and your spouse’s financial details. Items like retirement accounts, stocks, and real estate will need to be equitably split between you and your ex. A lawyer can also investigate your financial situation to make sure all assets are found and shared in your divorce. Contact Nottage and Ward, LLP to discuss your situation.

Anyone wealthy is probably best off if they enter a marriage with a prenuptial agreement. A prenup will help guide the division of assets if there’s a divorce. Postnuptial agreements are also helpful to well-off people. Postnuptial agreements are contracts agreed on during your marriage that allows the couple to make changes to their prenuptial agreement. Either agreement can help by naming who owns what assets and what would happen to shared assets in a divorce.

If you find yourself in a high asset divorce, there are steps you can take to protect yourself and your finances. Here are some steps to take during a high asset divorce:

• Talk to your spouse. Even though you’re divorcing, trying to be as adult and rational about your situation as possible will be a big help to you and your family. A “friendly” divorce can be much quicker and less painful than a long, drawn out fight.
• Know your assets. A qualified attorney will conduct a comprehensive examination of your financial portfolio. This will mean going through the following:

~Bank accounts   ~Stock portfolio   ~Retirement accounts   ~Life insurance policies   ~Real estate holdings   ~Tax returns   ~Personal and corporate debt   ~Business investments   ~Corporate assets

• Factor in the kids. If you have children, you’ll need an attorney with a background in negotiating divorce settlements that include child custody, child support, and alimony. Your lawyer can make sure you meet your family obligations.
• Make a solid assessment. No two divorce cases are exactly alike. You want an attorney who is experienced but doesn’t take a cookie cutter approach to your unique situation. You want an attorney who listens to you and is responsive to your particular needs. Do your research and find an attorney experienced in high asset divorces you feel comfortable with.

Get Experienced Legal Help on Your Side

Because of the many issues involved in a high asset divorce, you’ll need an experienced Chicago high net worth divorce attorney. You need someone who will work to protect your wealth and future. If you have any questions about any kind of divorce, DO NOT hesitate to contact Nottage and Ward, LLP. We can be reached at (312) 332-2915.