High Net Worth Divorce and Separation cases amplify the stakes for both spouses and their children. Our experienced High Net Worth Divorce and Separation lawyers handle these cases daily and you have likely read about our wins in media or through word of mouth. We are proud to have set the highest spousal and child support monthly award of $116,000. We are equally proud to have obtained 25 million in assets and another $1.5 million for special costs as a measure of rebuke against the husband who was not forthright with his real financial picture. High net worth divorce and separation cases often involve international assets and companies, trusts, professional practices, partnerships and companies.
Often privacy for the family members including their children is critical and many cases if not most settle privately without going to trial. Hiring a high net worth divorce and separation lawyer requires thorough due diligence to ensure your lawyer and his team, as well as the experts they select for parenting, support and property valuation issues work together effectively. Hire a lawyer who handles cases involving issues you face, so you know they have a proven track record of success in “bet the bank”, all in high stakes cases.
Many people don’t plan to get divorced, but if it happens, it helps to have a plan already in place, especially when there are a lot of assets to divide. These tactics will help you prepare for and navigate through a high net worth divorce. You also should call MacLean Family Law’s High Net Worth Divorce and Separation lawyers Vancouver Office 1 877 602 9900 to protect yourself, and your wealth.
High Net Worth Divorce and Separation 1 877 602 9900
Tal Wolf one of our experienced senior family lawyers in our Vancouver office works with his team and Lorne MacLean, KC to help clients involved in High Net Worth Divorce and Separation disputes move forward with their children as winner.
- Get organized. Gather up your financial records, including tax returns, bank statements, investment documents, and anything else that will help establish your assets and liabilities. There will be much paperwork involved once things really get going, so having the details already compiled and easily accessible will relieve a lot of stress, and will help your lawyer to deal with curveballs more efficiently.
- Make a comprehensive list of all your assets and liabilities. Your lawyer will need to be able to analyze what you can realistically expect to receive. Critical items to include:
- Your home (and any other real estate you own)
- Investment accounts
- Savings accounts
- Retirement accounts
- Businesses you own
- Cars and other vehicles
- Art, jewelry, and other valuables
- Debts (mortgage, credit cards, loans, etc.)
- Be realistic about what you want. Try to have a clear vision of what you want out of the divorce, but also be realistic about what you can expect to receive. Friction points with your spouse will intensify the process, and make things more expensive on the legal side. Be prepared to compromise and try to keep an open mind.
- Make a budget. It’s never too early to start thinking about how you’re going to live after the divorce. Make a budget and that you can stick to and that includes expenses to maintain a proper lifestyle based on high income and high net worth assets. You may need to plan for some lifestyle changes, and be mindful of your spending.
- Get legal help. A high net worth divorce can be a complicated and stressful process, so it’s important to have a good lawyer on your side. Find someone experienced in handling these types of cases, and make sure you’re comfortable with them. It’s also a good idea to get a financial advisor to help you understand and protect your assets.
- Take care of yourself. The emotional drain of this process is real. First and foremost, you’ve got to take care of yourself both physically and mentally. Eat healthy, exercise, and get enough sleep. Spend time with friends and family and do things that make you happy. Yes things will be difficult, but it’s important to remember that it’s not forever and your divorce eventually will be behind you.
How Will a High Net Worth Divorce Lawyer Help You? 1 877 602 9900
If you’re going through a high net worth divorce, you need a lawyer who is experienced in handling these types of cases. MacLean Family Law’s Asset Division Lawyers can be reached through our main line 1 877 602 9900 . You should choose someone who can:
- Understand the financial aspects of your divorce. A high net worth divorce often requires dividing complex assets, such as businesses, discretionary trusts, distributive taxes, investment accounts, and real estate, much or all of which may be held in interrelated companies. You need a lawyer who understands the financial issues involved and can help you protect all the value of your interests. To assess their financial literacy, ask your prospective lawyer questions about asset division, support, and the tax implications of divorce. Diiferent assets have different tax treatments so make sure any settlement takes this into account.
- Help you survive the divorce process. A high net worth divorce can be a lengthy and complicated process. You need a lawyer familiar with the ins and outs of the substantive laws and procedural rules that will touch on the issues unique to these kinds of cases. You want someone who already has handled successfully complex property cases, and who has developed an awareness of the issues likely to arise, and how to deal with them.
- Negotiate on your behalf. In a high net worth divorce, there is often a lot at stake. You need a lawyer who is a skilled negotiator and can advocate for your best interests. Find out more about their negotiation style and whether they are comfortable taking your case to trial if necessary.
- Help you understand the law. A high net worth divorce often involves complicated legal issues. Your lawyer should be able to explain the law to you in a way that you can understand, and who will be up to date on any changes that could affect your case.
- Protect your interests. A high net worth divorce can be a stressful and emotional time. You need a lawyer who will be on your side and who will fight for what you deserve. Ask them about their philosophy on divorce and how they would handle your case if it went to trial.
- Determine the value of assets such as businesses, investments, and property. To fairly divide assets, you need to determine value. This, in and of itself, can be an involved process. You need a lawyer experienced in evaluating industry-specific businesses, investments, and property for divorce cases, including putting together the right team of professionals to facilitate this process.
- Help you understand the tax implications of divorce. A high net worth divorce often has significant tax implications, especially when significant components of the division will be from corporate equities, and for example where child or spousal support will be drawn on the income generated from divisible business assets or personal service operations. You need a lawyer who can help you understand these issues, and how to frame inquiries to your tax professional.
- Find hidden assets and protect known assets. In a high net worth divorce, spouses may try to hide assets, or to hide/minimize value where they primarily or solely manage a going business. Tactical bookkeeping, unfortunately, is all too common. Your lawyer should be ready to deal with these threats through asset searches, investigation, and review of financial statements. Known assets may need to be protected through property liens and judicial restraining orders.
Vancouver Family Property Division and Support Lawyers 1 877 602 9900
If you are facing a high net worth divorce, the lawyers at MacLean Family Law are ready to consult with you. Call us 1 877 602 9900 to help protect your interests, and to guide you through this process as you begin turning the page.