High net worth couples have special needs during a divorce. Sophisticated asset profiles require sophisticated solutions when it’s time to divide up the property. The wrong move can devalue assets and impact your financial future.
These divorces tend to be contentious because there’s so much at stake. Getting to a fair settlement quickly is the key to saving money on your divorce, but it’s also imperative to ensure that the settlement is structured in a way that is advantageous to your business and your portfolio.
Are there alternatives to litigation in high-net worth divorces?
Yes. High Net Worth divorces benefit from alternatives such as mediation or collaborative divorce. All of our divorce lawyers are trained in the collaborative divorce process.
In a collaborative divorce, each lawyer and each member of the couple signs an agreement that commits them to the negotiation process. If negotiations break down both parties must retain new lawyers. This further ensures that both lawyers are motivated to resolve matters quickly and fairly.
The idea is to create a divorce settlement that is fair for both parties, and which does not leave either party substantially disadvantaged. The emphasis is on creative solutions to asset management problems that work for your family.
The process tends to be significantly less expensive than litigation. It also tends to create better outcomes for both parties. During litigation, you lose control of the process. You get a judge who has only a few hours to review your entire complex situation. The judge must then make snap decisions while attempting to apply the law correctly. Judges don’t have time to consider long-term valuation or tax implications.
If you are interested in pursuing this option, please let your lawyer know early in the process.
How do I keep spousal support low?
“Low” is a relative term. You’ll at least be pleased to know that spousal support rarely lasts forever. The typical length of the arrangement is six months to one year per year of marriage.
A complex computer program delivers a figure according to the federal Spousal Support Guidelines. This is still a negotiable number as there is no requirement to pay spousal support. If you wish to avoid spousal support altogether you might choose to offer a lump sum payment, or choose to give up an asset so that you can avoid a monthly obligation. There are always options.
How is property divided in a high net worth divorce?
Each spouse has a 50% right to the marital property. Of course, sophisticated asset profiles rarely divide this neatly or cleanly. There are also always going to be disputes about what is and is not marital property.
This is why you need creative legal solutions and tough negotiators on your side, people who understand the business side of the equation. Our high net worth divorce lawyers also have business and civil litigation backgrounds, allowing us to propose solutions that less experienced lawyers might not see.
Why Merchant Law?
30+ years of family law practice and business law practice gives us an edge. We work closely with you to ensure you can retain the assets that are most important to you. While it’s impossible to walk away with “everything,” we can ensure your divorce settlement is livable and doesn’t destroy your future.
Call (403) 237-7777 to make an appointment today.