If you’re wealthy and going through a divorce, there are some mistakes that you won’t want to make. Some of the most common errors that wealthy individuals make during divorce include:
- Believing that going to trial will give the best results
- Taking advice from friends who have “been there”
- Not considering the full financial impact of the divorce
To start with, it’s important to remember that going to trial is almost never going to give you the exact results that you want. You have no control over the judge or how they will rule, so some people end up being surprised when the judge doesn’t make the kind of decisions that they were expecting. Settling outside court is generally less expensive and less time consuming, which is why it’s something to consider.
The next thing to remember is that every divorce is different. While your friends might have had a contentious divorce, yours might be simpler because you and your spouse get along. It all depends on the specific situation and the people involved, so don’t let others give you too much advice.
Finally, remember that your finances are likely to change after your divorce. You may be fortunate to be able to support yourself, but you may need to take on additional expenses once you are single. Changes in asset ownership could also impact your investment portfolio, and there may be tax implications to consider for the future.
In the end, every divorce varies. That’s why it’s a good idea to talk to your attorney before you decide on how you’d like to move forward. Good guidance will help you make better decisions throughout your divorce.