Negotiating a High-Asset Divorce
In some cases, usually in short-time marriages when couples divorce young, there can be few assets that need to be split up. For example, a couple who rents an apartment, has already separated their bank accounts, has no children, and little retirement or investment accounts can usually get a divorce quickly and inexpensively. However, for high-asset divorces, which are defined as divorces with assets totaling one million dollars or more, it can be difficult to negotiate a separation agreement between the parties. At Egan Law Center, we have extensive experience negotiating high-asset divorces, and some tips to share with those about to embark on this process.
You need a team, not just a divorce attorney.
No matter how competent and financially literate your divorce attorney is, you will need a team to help you navigate your high-asset divorces. A complete financial disclosure between the parties is required by the courts and can be overwhelming for those with many assets. It can help to hire a forensic accountant or financial advisor to help you compile three years of bank statements for all bank accounts, all mortgage and loan documents, and more. A financial advisor and CPA can also help you navigate your taxes and financial plan for your post-divorce situation and taxes. Aside from the financial aspect, it can be emotionally taxing to go through a divorce of any kind, but especially a divorce that will require time, money, and frequent negotiations. Hiring a therapist who can help you navigate the emotional turmoil of a divorce is always encouraged, and can even be cost-effective, as it saves you from treating your lawyer as a therapist figure and being billed your lawyer’s hourly rate for matters that don’t pertain to the legal divorce.
2. Make small concessions to win the war.
In high-asset divorces, negotiations can stretch over long periods of time over the smallest details. This can be a financial and mental burden, so it’s important to weigh how much fighting to get everything you deserve matters to you or what you’re willing to let go of in favor of fighting for your more important items. For example, if you and your ex are going back and forth over your ex’s vested stock, but you know that keeping your family inheritance is more important to you, it may strategically make more sense to let your ex “win” over certain items, knowing that to you there are other items that are more important. Sometimes, you may not want to give more than you believe is right, and in that case, your attorney should always be your greatest advocate for all these areas. However, it is important to talk to your attorney about your strategy, your non-negotiables, and the areas you may be willing to concede.
Do you have questions about negotiating a high-asset divorce? Fill out the form below to schedule a consultation with Attorney Egan, who can explain to you, in depth, the process and frequently asked questions of a high-asset divorce.
