Here are a couple truisms that can be stated as having general applicability in divorce cases.
First, there can be — and often is — some general overlap in the concerns that loom most large in a divorce proceeding. Where kids are involved, child custody, visitation, parenting plans and so forth may be central focal points. Spousal maintenance (alimony) might be a front-and-center consideration. So, too, might be an equitable division of marital assets.
Having said that, though, here’s that tandem truism that often serves to undercut any commonality of concerns in divorce: Every family is unique, and that makes every divorce fundamentally different.
Take the above-cited asset division, for example. As noted in a CNN article on property division in high net worth divorces, any high-priced marital dissolution centrally involving property distribution is bound to be, well, more than a bit singular. All else being equal, the wealth factor alone makes it so.
And, as pointed out in the CNN piece, it also yields outsized consequences for a divorcing party who makes financially related mistakes during the divorce process.
The author’s admonition regarding that: Don’t be the mistake maker. Timely secure a proven family law attorney with a deep well of experience representing clients in high-asset divorces, because “the cost of good legal advice pays for itself many times over.”
Truly, there is a lot to consider in a high net worth divorce. Fully identifying and valuing marital property is of key importance. Failure to note and smartly respond to the tax consequences that could come into play could make for a pricey error. Not viewing the divorce in a properly dispassionate manner could yield dire financial results. As the author-cited writer notes, a high-asset split “is the equivalent to the dissolution of a business, and decisions should not be made on emotions or without sound professional advice.”
That author further notes that “knowledge is power” and that an experienced asset protection attorney can help ensure that a client is well apprised of all material matters pertaining to a high net worth divorce.