There is a lot more at stake when a high-net-worth couple divorces. There might need to divide out businesses, multiple properties, investment accounts, digital assets, international assets and expensive jewelry. The money at stake can lead to major disputes, but it’s possible to handle these divorces through collaboration.
Here are some tips if you want to pursue this approach:
Gather financial documents
You and your spouse should list your marital assets and liabilities. Your lists should be similar. If a property is missing on your spouse’s list or you discover discrepancies in the financial documents they submit, you should calmly raise the matter. They may have made a mistake, rather than intentionally setting out to deceive.
It will be best to work with appraisers to get the accurate values of your assets, especially real estate, professional practices and unique properties. Distributing assets while on the same page can make your process more manageable.
Consider neutral solutions
In some instances, it may be best to consider neutral solutions. For instance, if you disagree on who gets a business, you could sell it and divide the proceeds.
Don’t rush
High-net-worth divorces are complex. You need adequate time to value your assets, evaluate your spouse’s financial documents and negotiate. Thus, it is in your best interest not to rush as doing so increases the risk of costly mistakes.
If you are going through a high net worth divorce, you don’t necessarily have to contest the matter in court. With legal guidance, you and your spouse can handle the process collaboratively.
