Hiring a High Net Worth Divorce Lawyer

by Pacific Legal GroupJuly 19, 2021November 19th, 2021Uncategorized

High Net Worth Divorce Lawyer

Any high net worth divorce lawyer is going to tell you the assets must be valued properly to determine their worth in order to ensure a fair division of property. Often when individuals own luxury or high-value assets, they are going to seek a third party assessor to determine the value of their assets. And depending on the type of asset, you might need more than one financial assessor. This is because property, fine art, collectibles and others need to have somebody who specializes in determining the book value of those assets.

To determine the worth of a business, you will need a whole different highly financial expert, because a business is an asset, but it is a very complex and complicated type of asset to determine the money value of in the face of a divorce.

Sometimes spouses will not agree with the valuation estimate and major disputes may arise. If this happens and it cannot be resolved without a judge’s intervention, the judge will be put in charge of deciding a dollar value and dividing that amount between the spouses.

A high net worth divorce lawyer, such as the ones available at Robinson & Hadeed Family Law, is going to tell you that one of the biggest mistakes people make in high asset divorces is they hide their assets. It might be tempting to hide some assets that you do not think the other party has the right to know about or be privy to deserve it in the divorce, but this can backfire on you because it is considered fraud. When a property is divided into divorce, every asset has to be disclosed, and if it is discovered that you had asked that you might be held in contempt of court found guilty of perjury.

Not only can hiding assets force you to face legal repercussions, but you might also lose all credibility with the court and then your ex may receive more assets awarded in their favor. That is why your lawyer is going to tell you that it is crucial to be transparent about your assets when disclosing them in your divorce.

Getting a divorce is already a super stressful situation, especially when there are complex property division matters and financial division matters added into it. Not only are we dealing with valuation of assets, but we are also dealing with feelings and uncertainty about the future and your financial security, so it’s best to work with your high net worth divorce lawyer in Pierce County, WA and not against them.

One of the best things you can do to protect yourself from costly mistakes and a high net worth divorce is seeking experienced counsel, ensuring that you are transparent about your assets, that you are clear about anything you are hiding that may be of value in your divorce, and that you are prepared. One of the biggest mistakes is going into a high net worth divorce and being unprepared to work with your lawyer and for all of the processes that follow.

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