If you are going through the process of divorce, and you have a high net worth, you will want to do everything in your power to protect your assets. This is a completely natural response to divorce proceedings, especially when there is a degree of animosity at play. The fact is, dividing up assets can be complex, to say the least, and it can take a long time to come to any sort of arrangement for both parties.
Hire a High Net-Worth Divorce Lawyer
Finding the best possible outcome is only ever possible with a high net-worth divorce lawyer on your team. It is important that the law firm representing you has a great deal of experience to their name so that they can really get into the finer details of everything that’s to come and represent you properly. Northwest Family Law is the clear choice for this reason, and our experience delivers excellence across cases like these time and time again.
Prenuptial Agreements
Prenups, as they are called for short, are something that lots of American citizens sign before entering into the legally binding contract of marriage. These legal documents are designed to protect assets, regardless of whether you have a lot or a little. However, the more you have, the more relevant a prenuptial agreement document becomes in the context of your incoming marriage. You don’t have to be a millionaire to benefit from this legal process, because it is also beneficial for anyone who might own their own company, for instance, or has a collection of prized assets like luxury cars and so on.
Postnuptial Agreements
Unlike prenups, postnups take place after a couple gets married. They are written up to dictate exactly how the assets will be divided should the marriage dissolve. When a divorce happens, emotions are always running high, and it can be so difficult to think clearly when you are working through mediation or figuring out the best way forward for everyone involved. Having a postnuptial contract will define all of the details so that you don’t have to think in the heat of the moment.
Settlement Talks
If no postnup or prenup arrangement is in place when a divorce comes to pass, then the process will naturally move onto talks of settlement. Each spouse will put forward their proposition, and then the attorneys will negotiate until they manage to reach an arrangement that everyone is happy with. Sometimes, no one will be able to agree, and the case will move to a courtroom. This will drag the process out for a long time, and it is worth noting that once a jury decides on asset division, there is no going back or disputing it. Settlement talks, however, can be a useful arena where compromises are reached, and people act fairly. It all depends on the person who represents you and the vibe of the room.
Thinking Carefully About Marriage
The last point is encouraging everyone who is about to get married with a high net worth to think very carefully about the implications of going ahead. It is no secret that your assets are probably safer if you remain unmarried, but that doesn’t mean you shouldn’t go ahead and take the leap of faith in your partner and in love. Marriages often last for a lifetime, after all, and these talks are all just cautionary. Just remember, if you do have a high net worth and lots of valuable assets, those legally binding documents like prenuptial contracts are non-negotiable.
Why Are High Net-Worth Divorces Different?
What is the main difference between a high net-worth divorce and a regular old marriage breakup? Well, the main thing to think about here is that there is simply a higher number of assets, more money involved, and more at stake. There is more to bargain with and an increased scope for soon to be ex-spouses to behave unfairly overall. People tend to get super emotional and protective when lots of money is on the table, and it is it not always easy to get both sides to agree.
Northwest Family Law is here to provide vital support during divorce proceedings. Where there are a high number of assets to figure out, it is important to have an expert by your side. These matters are complex, and you need to know where you stand from a legal viewpoint.
Find our offices at the addresses listed below:
- Kirkland – 1207 Market St. Kirkland, WA 98033
Alternatively, call now for a free consultation on (206) 792-0981.