Divorces are difficult and challenging no matter the wealth of the parties involved. But there are some special considerations for those with substantial assets when it comes to getting divorced.
Who all is involved?
Divorces don’t just affect the married couple. Children are obviously impacted by a divorce, regardless of their age. But when substantial assets are involved, the number of people who want a say in their division generally increases exponentially. Family businesses will generate lots of additional interests, as will family assets. The divorce may not be limited to the married couple but could involve being extricated from shared businesses or business assets. All of these additional individuals and considerations add up to complications. And complications mean more money and more time. It will simply take longer to sort through all these interests.
What are the tax implications?
When you start dividing assets which could include interests in businesses, business property, real estate investments, and stock portfolios, there is the potential for significant tax implications on those transactions or on the future disposition of those assets. It’s important to get financial experts and advice on the team as soon as possible and then to begin gathering and listing all of the potential assets so that the tax effects can be analyzed and taken into consideration as a property settlement is contemplated.
What do I do about spending now?
Many divorcing couples operate under the misdirection of well-meaning but ill-informed friends when it comes to anticipating or planning a divorce. Now is not the time for a spending spree, either because you believe that it will justify more for you later or because you want to inflict some financial pain on that sorry so-and-so spouse. The diminishment of marital assets hurts everyone.
When should I get a lawyer?
If you are contemplating a divorce, the answer is now. It is never too early to get professional advice from an experienced divorce attorney. Even if you aren’t sure that you will get divorced, a knowledgeable attorney can give you an idea of what one might look like so that you can make an informed decision. From how long it may take, to what you would need to do during the divorce, to how the assets are likely to be divided, to spousal support both during the proceedings and thereafter, to how best to make financial plans for a divorce which you believe to be inevitable. Your lawyer is also quite familiar with the other professional advice that you may need, from tax advice to forensic accounting, to counseling.
At Watson McKinney, we’re not just experienced divorce lawyers, we regularly deal with divorces involving substantial assets, family businesses, real estate investments, and family property. No divorce is too complicated. And no call to us is too early.