Money can’t buy happiness — nor can it buy an ideal marriage. No matter what your income bracket, you may find yourself one day wondering how your marriage ultimately went off the rails.
If you have a fairly large income and complicated assets, you may naturally be concerned about the impact of your divorce on your finances. Here are a few ways that you can minimize the fallout from a high asset divorce:
1. Maintain transparency with your spouse.
One thing that can push a high asset divorce into a legal quagmire is a lack of honesty and trust between the divorcing spouses. You’ll spend a lot less time and money fighting over discovery issues if everyone agrees to make all of their financial information available from the start.
While it can be difficult to trust someone you’re divorcing, remember that you and your spouse are actually working toward a common goal. If you work together, you’ll get there a lot faster (and with a lot less expense).
2. Be realistic about your expectations.
No doubt you have some strong feelings about what you deserve verses what your spouse deserves from the marital assets. However, the court may have a different opinion. Keep in mind that material objects and money aren’t worth your peace of mind and listen closely to what your attorney tells you is a reasonable deal.
3. Maintain your privacy as much as possible.
It’s generally advisable for high-earners and wealthy couples to maintain their financial privacy as much as possible. Consider alternative methods of handling your divorce — like a private judge — or ask if the court will seal some of your financial records. That can help keep your personal drama from becoming fodder for tabloids and gossips.
For more information on high asset divorces, talk to an experienced family law attorney about your specific concerns.