Going through a divorce can be a stressful experience, even if you want the marriage to end. When there are high assets at stake, the proceedings can be fraught with emotion and concerns about your financial future. Learning divorce tips for men from the professionals at Milstein Siegel can help you better understand the divorce process.
Your first step should always be to hire a divorce attorney experienced specifically with high assets. An attorney with this knowledge will guide you through the process and ensure you avoid doing anything that could compromise your chances of a favorable outcome. Here are some tips to keep in mind as you navigate this challenging time.
Treat the Divorce as a Business Negotiation
It is important to try to keep emotions out of the process as much as possible. Consider the divorce negotiations as a business deal in which you need to reach the best agreement possible based on the circumstances.
In business, you may have to make deals with people with whom you do not get along, and a divorce is no different. Viewing the divorce as a business negotiation will help you focus on reaching a resolution that allows you to move forward.
Do Not Cut Your Wife Off Financially
Even though you intend to end your marriage, keep in mind that you and your wife are not separate financial entities until the divorce is finalized. Do not close your wife’s credit cards, even if you are the primary breadwinner, and do not remove her from your health insurance.
It is best not to make any major financial decisions until your divorce has been settled. Discuss with your attorney any transactions you may be considering if you are unsure how to proceed.
Do Not Hide Assets
Every divorce includes a discovery process in which you and your spouse are required to disclose all of your finances, including assets, income and debts. If you are a high earner, you may be tempted to hide certain assets or make your financial picture appear worse in an effort to protect what you believe is rightfully yours.
However, this is a move that can backfire. Your spouse’s attorney may enlist the services of a forensic accountant to uncover any assets that are not voluntarily disclosed.
If they find that you took steps to misrepresent your financial picture, your divorce proceedings will take a negative turn and the judge in the case will view you unfavorably. You may even face serious legal and financial consequences for engaging in this type of behavior.
Do Not Make Financial Agreements On Your Own
You may be eager to move your divorce forward or gain some clarity on your financial situation post-divorce, but do not make any agreements with your wife about spousal support, property division or child support before your divorce negotiations get underway. The financial ramifications of these decisions can have an outsized impact on your finances for the rest of your life, particularly for affluent individuals.
Even if you do not make anything official in early discussions with your wife, renegotiating these points after giving the matter more thought may cause her to feel betrayed and extend the divorce process. Therefore, it is best to avoid reaching any financial agreements without an attorney’s guidance.
Respect Any Agreements You Made With Your Wife About Not Working
At some point during their marriage, many men who are high earners often reach an agreement with their wives to stay home and care for the family and household rather than pursue their own career. If you agreed that your wife would give up her career to care for your home and family, you need to avoid thinking of the money you earn as being solely yours and something that your wife is trying to take from you in the divorce.
The reality is that you may not have been able to be as successful as you are without this arrangement; therefore you need to ensure the agreement you negotiate in the divorce is fair. It will likely take some time for your wife to get back in the workforce, possibly making her entitled to financial support from you for the foreseeable future.
Hire a Divorce Attorney with Experience in High Asset Divorces
Some men involved in high asset divorces believe they need the most aggressive attorney possible. It is highly beneficial to have an attorney able to vigorously defend your interests; however, your main priority when choosing an attorney should be that they have significant experience with the unique challenges posed by divorces involving high assets.
Endless divorce litigation will only deplete your finances; choose an attorney with a measured and realistic approach who has a successful track record in divorces such as yours.
Contact the Maryland High Asset Divorce Attorneys at Milstein Siegel
Wealth and high value assets are major factors in Maryland divorces, and having a reputable family law attorney on your side is essential. The family law attorneys at Milstein Siegel can help you find a solution that serves your interests. Contact our team today to schedule a consultation with our high asset divorce attorneys.