High Net-Worth Divorce: the Long and Short of It. Part II
In Part I of this two-part series, we introduced the basic concept behind high net-worth divorces, and gave a few examples of how these cases can become so complicated, antagonistic, and drawn-out. Indeed, in the past year alone we have seen multiple of the longest-ever celebrity divorces to ever be fought through finally come to a close. Channing Tatum and Jenna Dewan finalized after six years, Brad Pitt and Angelina Jolie after eight years, and Halle Berry and Olivier Martinez after seven years.
In this second installment, we will be going over a few common mistakes that you can actively avoid and hopefully streamline your own experience if you start down the path of your own high net-worth divorce.
These tips are, of course, simply a general best-practice. What is right for you and your own specific set of circumstances will be unique. An experienced high net-worth attorney at Cardwell, Steigerwald Young can provide you with formal legal advice that is tailored to best suit your own particular set of circumstances.
Let’s begin.
Common Pitfalls in High Net-Worth Divorce
Here are some common mistakes you can act to avoid in a high net-worth divorce, and likely save you a lot of time, money, and stress headaches.
- Don’t Try to Hide Assets.
Attempting to conceal assets can result in sanctions, fees, and even the asset itself being awarded in its entirety to your former partner. Indeed, the discovery of a hidden asset will likely trigger heightened involvement of forensic accountants in your case. While an often-necessary expert, this will drive up fees, will likely increase time spent in divorce, and the increase in time could very well increase the likelihood of contentious litigation.
- Don’t Liquidate Bank Accounts.
Similarly, don’t act to move all jointly-owned money into your own personal accounts. Even if you are planning to divorce – or even actively divorcing – until the divorce is final you are married. And married persons have a fiduciary obligation to their spouse. This means you are held to a standard that prohibits this kind of move. Attempting to limit your spouse’s access to community assets can end in financial consequences down the line. Consult with an esteemed divorce attorney to understand your best moves as you navigate the separation process.
- Don’t Badmouth Your Child’s Parent
Allegations of parental alienation are real and can have lasting consequences – up to the offending parent losing custody of the children. Custody issues are one of the top reasons for a divorce battle to go on for years. Do yourself a favor and focus on yourself, your family, and the best path moving forward.
- Don’t Make Emotionally Charged or Rash Decisions
And do not make the presumption that your divorce has to be contentious. Having a mindset of resolution and reasonableness will go a long way in avoiding lengthy, protracted litigation. Even in the most emotionally charged scenarios: the court does not operate by the concept of two wrongs making a right. The court will not look kindly on you blasting photos of your partner’s dance instructor online, even if you did find out they were having an affair with your spouse. You do not want to deal with ramifications of actions taken out of pure unrestrained emotion.
Contact Cardwell, Steigerwald Young
There are many nuances to high net-worth divorce: valuing (or undervaluing) property, assessing the assets subject to division, and more. For expert help from experienced professionals, contact the esteemed San Francisco high net-worth divorce attorneys at Cardwell, Steigerwald Young. Our team can help you navigate your own situation and come to the best possible resolution.
Sources:
sheknows.com/entertainment/slideshow/2523214/longest-celebrity-divorces/4/
forbes.com/sites/kellyphillipserb/2023/12/04/so-youre-getting-a-divorce-do-you-need-a-forensic-accountant/
