3 High Net Worth Divorce Strategies That Are Sure To Backfire
Wealthy people are more likely to get married than their less affluent counterparts, and the divorce rate is lower among high-income couples, which is understandable, considering that financial stress can be a major source of marital conflict. The bad news is that, if you do get divorced, the more marital assets you own, the uglier your divorce may be. It is easy for a divorce mediator to help most couples understand why it makes sense for one spouse to keep the marital home and why the other spouse is entitled to a certain amount of money as compensation for his or her share of the house when that house is the only asset the couple owns which is valued at more than $100,000. Things get really complicated when you are arguing over stock portfolios, business interests, and all kinds of other assets that change value so quickly that you aren’t even sure how rich you are. It is likely, but not inevitable, that a divorce case where more than $1,000,000 in marital assets are at stake will go to trial. A Birmingham divorce lawyer can help you avoid mistakes, and perhaps even avoid trial, in your high asset divorce case.
Trying to Impoverish Your Ex-Spouse
Divorce is not about winning or losing, but it is easy to be resentful when you have spent years building a life together and then your spouse dumps you and asks the court to award her a large share of money you earned during your marriage. Alabama follows the rule of equitable distribution, which means that each spouse gets a fair share, but they do not always divide the marital property equally. Fair is a subjective term, of course, but if the division of property you request in your divorce petition or your response to your spouse’s position would leave your spouse destitute, this will only cause the court to regard you unfavorably.
Being Dishonest With the Court About Your Finances
Trying to conceal your assets from the court will certainly make a bad impression on the judge. The more detective work your spouse’s lawyer has to do to find out how much money you really have, the less the court will let you keep it when it finalizes your divorce. If you title assets in other people’s names simply so they will not count as marital property that your spouse can claim, this is marital misconduct.
Assuming That Financial Ruin Is the Only Possible Outcome of Your Divorce
While you shouldn’t try to leave your spouse penniless, you also shouldn’t have a defeatist attitude about divorce. The goal of equitable distribution is to keep both former spouses at a standard of living comparable to what they enjoyed during the marriage.
Contact Peeples Law About High Net Worth Divorce
A Birmingham family law attorney can help you divide your marital property so that neither you nor your ex-spouse must give up a comfortable lifestyle. Contact Peeples Law today to schedule a consultation.