If you have significant financial assets that include a business, a home, investment funds, and insurance policies, you may be a high net worth individual who is at risk of having his finances compromised in a divorce.
Expert advice is an absolute must for any wealthy man considering a divorce. There are different types of assets that may be on the table, and these range all the way from business assets, shares in stocks and businesses, closely-held corporations, executive or corporate income, deferred compensation, retirement accounts, insurance policies, inheritances, antique collections, and multiple homes. It’s very important to clearly define what is marital property and separate property, when these substantial assets at stake.
Any mistakes that you make may prove devastating. Another point of concern for any man considering a divorce is the definition of an acceptable parenting plan. As a high net worth individual, you are much more likely to travel constantly which makes it difficult for you to stick to a scheduled parenting plan. A visitation schedule should, therefore, account for your frequent absences from your home.
If you have a prenuptial agreement, then you may be on safer ground. However, you may find that your spouse will try to contest the agreement in court.
Apart from this, you also need to consider the tax implications of your divorce settlement, valuation of all businesses and assets, and addressing the important issues of spousal support and child support. Talk to a Colorado divorce lawyer for expert advice, and for help protecting your rights during a high net worth divorce.