Having a net worth of more than $1 million with your spouse might be great under normal circumstances but, not if you get a divorce. It gets complex and contentious. Dividing certain types of properties while disentangling them in a manner that doesn’t compromise the actual value is risky.
At Moose Jaw Divorce Lawyers, we can help make life easier for you if you’re in a mess like this.
If it’s a High Net Worth Divorce, will it Go to Litigation?
If a divorce is high net worth, it won’t automatically be considered and sent for litigation at court. Some studies show that about 92% of all divorces get settled out of court. Typically, both parties benefit from this.
If it’s litigation, you would not have any absolute control even if you have a very experienced and professional lawyer at your side. You have no way but to trust in the judgement. One can hardly expect that they would spend more than a couple of hours to inspect your properties. That short scrutiny decides about your life.
Some Recommendations to Get the Most Money After Your Divorce
First and foremost, you need to think rationally and be realistic. You can’t walk away with everything. Neither can your spouse. If your marriage was not exceptionally short, you and your spouse are most likely going to get near about half of your mutual marital assets. However, your individual properties owned before the marriage (i.e., businesses, family heirlooms etc.) would be exempt from this discussion of division.
The smartest thing to do would be consulting your lawyer to draw up likely scenarios. Define your goals clearly and prepare the methods or means you wish to use to attain said goals. Do not get caught up in the process of negotiation.
Keeping a vengeful mindset using the process to get back at your ex would not help you in any way. The more you do this, and the more expensive everything will become for you. You may end up losing more than you’re supposed to.
Attempting to hide assets is not a good idea under any circumstances. You might get sanctions issued against you. It would order you to give away everything you tried to hide to your spouse directly. This is a definite way to lose your chances of getting the best possible outcome from the divorce.
Remember that throughout the process of your high net worth divorce, a significant number of professionals and personnel would be involved. You would have to evaluate your businesses formally; tax consequences would require evaluation by your accountants, intricate and complex financial and legal vehicles might need to be prepared to meet everyone’s terms.
While you are in the process, be mindful, careful, and patient. Keep contributing productively to the process. Getting carried away getting distracted by any emotional attachments could cost you dearly. It might sound strictly materialistic but, there’s nothing worse than losing your rights in a situation where you already lost more than you should have.
Get in Touch with Our Expert Lawyers
Nobody wants to go through a divorce. If you’re ending up getting a divorce, unfortunately, make sure you’re thinking about protecting your assets as well. Our expert, professional lawyers can help get you through the complex legal process of managing your valuable properties and get you the best possible out of the entire situation. You can reach us at one of the following:
Email: contact@moosejawdivorcelawyer.ca
Phone: (306) 992-9014