When it comes to divorces involving high-asset clients, there’s an extra layer of complexity beyond the drama and nerve-wracking emotional tensions that exist between both spouses. In this immensely difficult time for families like this, one of the quickest ways to compound the problem is to insist on litigation as the only means of settling differences. As most high-asset divorcees have learned, there is much at stake for public image, privacy and many amounts of money to be lost in dragging these cases in courts. Instead, these clients often hire professional A-rated divorce lawyers but manage to settle their cases in-house and here’s why:
Privacy is one of the most coveted culture that most high-asset clients have. In lousy court cases, asset declaration, identification and valuation as well as responses to discovery requests, child support and alimony are some of the many cases that will be openly discussed with very discretion for confidentiality employed.
Even when the divorcees are not direct high-asset owners, a member of the family may be one, and this can affect the public persona of the person especially when such public figure deepens on their privacy. The causes of the divorce, which in most cases are nasty details, will be frequently raised in court and also become open for public perusal in a long network of publications and social media chain, and as such, most people are advised to ensure that they take a subtler approach to resolving their differences in-house rather via litigation.
High-asset divorcees are advised to adopt strategies that provide the best privacy and security for themselves and their families at this time as once details begin to fly around, they’ll never stop in the media until the case is done, and will most definitely not end without some sort of damage to the family, business and finances.
Even in the most compromising divorces that came about infidelity and cheating, if you share children with your spouse, you will still at one point or another have to interact with your spouse. You will both share special events that will bring the family together or events concerning your children’s happiness such as educational advancements, graduations, engagements, weddings, mediations, sport programs, plays and dramas, religious ceremonies and christening of your grandchildren.
While some high net-worth clients may rely solely on nannies and guardians to take care of the children, there are many moments that will simply require the physical presence of both parents, married or divorced. For the sake of reasons like these and maintenance of peaceful and cordial relationships, you’ll want to avoid handling your divorce and settlements through litigation as it could bring about many personal confrontations and utterances that you may not be able to take back.
Public cases may also cause children to react negatively to all the media attention around them. In several cases, children have been shown to experience a moral decline and become unruly in times of divorces and more adversely in cases where all the details become public. To ensure a cordial co-parenting relationship and welcomed visitation, talk to your attorney or an experienced family law practice in Altamonte Spring to handle the case in such a way that no scars are opened and there is space for maintaining a healthy co-parenting interaction with your prospective divorcee spouse. Not only is this a wise decision, it’s help your children immensely in the nearest and far future.
One of the reasons high net-worth couples are so wealthy is because they are usually very cost-effective and economical with their finances. Clients like these do not have a habit of spending all of their incomes on unnecessary expenses. Asides from the fact that there is a larger number of paperwork and a more expensive process involved, most high net-worth clients will also have to splurge out cash on hiring very expensive first-class lawyers that are effective winners in the law court.
As with cases of high net-worth, the court proceedings mostly tend to drag on for long which also equals extra expenses being accrued on a daily basis. Handling your case out of litigation does not only guarantee that you don’t break the bank, it also opens the doors to many more economical options that are available to help you and your spouse reach more effective and satisfactory resolutions without the need to go to court.
Be sure to ask your lawyer about the other settlement options that are available and applicable to your case. Couples often employ arbitration or mediation and settle the case with the aid of experienced legal teams on both sides of the spouse which can save cost that will be otherwise incurred in attorney fees as well as the publicizing of all your family’s personal and financial display in the court and subsequently on the headlines.
The need for in-house settlements in high net-worth divorces is further demonstrated on the multiple instances where courts have advised spouses to employ a mediation approach and in-house strategy to resolve differences rather than proceed with litigation. The details of the divorce are also kept indoors and saves the children or any other family member the trauma and potentially their future public persona and earnings.
If you are also going through a high net-worth divorce and happen to be a high net-worth client yourself, you will want to consider the financial implications and compromise that some details of the hearing can have on your businesses’ public image, competitor analysis and stakeholders’ viewpoint. The effects on the lives of your children and relatives should also be put in perspective to ensure that their futures are stigma and drama-free.
Enter reasonable co-parenting options irrespective of who the custodian of the children is and strive to play your part as a parent in every aspect of their lives. In conclusion, if all efforts to mediate become futile, speak to your Attorney at a family law practice in Altamonte Spring to find out if you can have closed door hearings which may help to control the circulation of information across media channels.