If you are considering a uncontested high net worth divorce, don’t fall into the trap of endless fighting. If you attempt to litigate, your spouse and his or her attorneys will be highly motivated because so much money will be at stake. That could make everything very expensive. Instead . . .
Get an uncontested divorce. Give less money to lawyers. Keep more money for yourself. Contact me to discuss your options.
Whether you live in Naperville, Oak Brook, Elmhurst, or the surrounding area, you can get an uncontested divorce in DuPage County if you and your spouse can communicate amicably to arrive at an agreement. Check my article titled “Benefits of Uncontested Divorce” and read this primer on uncontested high net worth divorce.
An important objective in high net worth divorce is asset protection. Normally, when one thinks of asset protection in divorce, one may think of protecting assets from the other spouse. But a wealthy divorcing person must also protect assets from legal bills. The advantages that each affluent spouse might have for starting life after divorce can easily be dissipated through irresponsible litigation and the churning of legal fees. Some high net worth divorces, if contested, can cost upwards of $100,000 – and no, I didn’t accidentally ad a zero or two.
My approach is to avoid filing motions on borderline issues to achieve a marginal tactical advantage.
Agree on everything
In a uncontested high net worth divorce, you will want to agree on everything. Agreement is the basis of any uncontested divorce. But how do you get to agreement? This list of issues to discuss may be a good place to start.
Marital property: Understand what assets are marital property to be divided upon divorce, and what’s not.
Prenuptial agreements: if you have a pre-nuptial agreement, that should control most financial matters. But they are not always written in stone. Also, to avoid unnecessary fighting, the parties might agree to deviate from the pre-nup.
Business valuation in divorce: The valuation of business assets can be key in a divorce. Spouses who do not agree on a business valuation can use an expert in business valuation.
Retirement assets: Retirement assets such as pensions and 401k plans have special rules. In the case of a pension and similar plans, one issue you may encounter is whether to divide the account upon divorce, or when it pays out (in the case of a pension).
Tax issues: Sometimes a skilled CPA or divorce financial planner can helped a divorcing couple develop a strategy that minmizes exposure to both parties.
Child support: High-income child support obligations can deviate from the child support statute.
Spousal support or alimony: Spousal support, once commonly permanent, is normally temporary. How much should be paid, if any? How long should payments last?
Property division: In a high net worth divorce case, property division and spousal support issues are usually resolved together, with present and future tax considerations often playing an important role in protecting the marital estate.
Starting a uncontested high net worth divorce
If you are a high net worth individual and are considering divorce, determining how to get an uncontested divorce can be massively financially beneficial to you. I can provide robust service for a flat fee, partnering with required experts if necessary. Contact me online or call three-one-two-543-5433.