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Money Complicates an Already Complicated Process
Divorce is never simple. Even the most straightforward cases can lead to legal complications, and that’s why people are increasingly hiring family law attorneys to guide them through the end of their marriage. Unfortunately, substantial assets make things even more complicated.
That’s why it’s important to know the legal strategies for high-net-worth divorces in Arizona.
In these cases, issues typically involve complex asset division, business interests, lifestyle maintenance, marital agreements, and a variety of other matters. When you combine potential problems in these areas with the emotional and mental toll that a divorce takes, it becomes clear why so many former partners have difficulty navigating the process.
Fortunately, there are proven legal strategies that can potentially minimize complications.
Take Financial Disclosure Seriously
The biggest concerns in high-net-worth divorces in Arizona typically involve properties and assets. Full transparency on both sides is absolutely critical, so each party should fully disclose all assets, liabilities, and income sources. Doing so can avoid allegations of hidden assets, which could result in prolonged litigation and legal penalties.
In most divorces, forensic accountants and financial analysts are typically only necessary if there are concerns of dishonesty. For instance, bringing in a professional may be recommended if one spouse withdrew a significant amount of money from a shared account — possibly to transfer into a hidden account. However, a high-asset divorce should always involve these experts.
Put simply, it’s easy to miss something when there are substantial assets involved. Such oversights can result in seriously inequitable outcomes. Don’t let this happen to you.
Understand What a Lifestyle Analysis Could Mean
When two individuals decide to end their marriage, there are a multitude of considerations involved. One matter that’s considered in all cases — in both low- and high-value cases — is the lifestyle the couple has built together over time. When former partners seek a divorce, the courts will frequently try to ensure that both individuals are able to maintain the lifestyle they’ve become accustomed to.
This is why many divorce decrees include orders for spousal support. The courts often award the lower-earning spouse alimony payments to maintain their lifestyle. That’s why it’s important to analyze and document the established standard of living during the marriage.
It’s a good idea to use forensic accounting to trace spending and lifestyle in order to present a clear picture during negotiations or litigation.
Child Custody and Support Considerations
Divorces involving children are often the most difficult to navigate. Unfortunately, this is even more true in high-asset divorces. However, the courts always focus on the best interests of the children involved. Luckily, not everything is complicated. For instance, there is an Arizona child support calculator that can give you a specific idea of what monetary support will be expected of each parent.
Unfortunately, child custody and visitation rights can be more complex. Both parents may be capable of caring for their child, and in a best-case scenario, the two can reach an agreement that’s beneficial for everyone involved. However, this will not always be possible. In such instances, it’s important to gather evidence that proves that your desired outcome is what’s truly in the best interest of your child.
Keep in mind that money can play a significant factor in a court’s decision, but it’s far from the only factor considered. In this situation, you will likely be better off working with an attorney who can handle negotiations, mediation, or litigation on your behalf.
The Importance of Marital Agreements
In Arizona high-net-worth divorces, legal strategies often take a back seat to marital contracts. That’s because both prenuptial and postnuptial agreements designate how matters should be handled in the event of a divorce. If such a contract exists, make sure to review it to ensure it’s enforceable under Arizona law.
The agreement should address asset division, alimony, and other financial matters. It’s also vital to periodically review and update the agreement when the need arises. However, don’t simply assume that a marital contract will keep things simple. Certain terms may be unenforceable, and if mistakes are made during its creation, the entire document could be invalid.
Keep Things Confidential When Possible
A divorce can be a very public process. In most cases, this doesn’t matter. Put simply, the majority of people simply don’t have much going on that others care about. This is often not the case when it comes to high-net-worth divorces in Arizona. Prying eyes will always try to find their way into situations where lots of money or high-profile individuals are involved.
Before starting the divorce process, consider utilizing non-disclosure agreements to protect everyone’s privacy and confidentiality. It’s also advisable to request court orders that will seal records and proceedings in order to maintain some level of discretion. What you’re going through is already difficult enough; there’s no reason to further complicate matters.
Retain Experienced Legal Counsel
Even if you have knowledge of every legal strategy for high-net-worth divorces in Arizona, it’s still not advisable to take a do-it-yourself approach. In reality, even going through a low-asset divorce where spouses agree on everything can be complicated without legal assistance.
When you throw significant assets, cash reserves, and multiple properties into the mix, having a legal professional on your side becomes a necessity.
Of course, there are plenty of family law attorneys that handle the divorce process. Unfortunately, not all of them are equally experienced. You want a law firm that frequently handles high-asset divorces — but one who will also help keep your case out of court if doing so is possible. Your decision in this matter will have lasting consequences, so do not take it lightly.
At the Sampair Group, our dedicated team of attorneys is committed to securing a favorable outcome on your behalf. Contact us at 623-294-2498 to schedule a free consultation.
