Common Mistakes Of High Net Worth Couples That Make Their Divorce Cases More Complicated

Whether you are an incorrigible optimist or you have grumbled and complained your way through life, divorce will eventually lay bare your vulnerabilities until you reach the point where you have no choice but to embrace gratitude.  It is at that moment that you will realize that, even though your spouse dumped you or betrayed you so badly that you decided to file for divorce, you have it better than most people do, at least as far as finances are concerned.  In retrospect, there may have never been two consecutive happy months in your marriage, but your family also never lived paycheck to paycheck.  Between your income, your spouse’s income, and inheritance from family members, there has always been enough money to go around.  Divorce makes everyone downgrade their lifestyle, at least temporarily, even if yours are not true financial struggles.  Despite this, affluent couples tend to make some common mistakes that make their divorce cases costlier and more difficult than they need to be.  If you have never had to worry about money until your spouse served you with divorce papers, contact a Birmingham divorce lawyer.

Not Getting Professional Advice About Finances Before They Get Married

Perhaps you don’t want a prenuptial agreement, but you and your spouse should talk about your finances in the presence of knowledgeable witnesses before you make your marriage official.  Talk to a family law attorney about what will happen if one spouse inherits money or if one spouse leaves the workforce voluntarily or must retire early because of ill health.  The physical existence of a prenup makes divorce simpler, but talking through issues that you might codify in a prenup, even if the prenup never materializes, is what prevents divorce.

Assuming That Former Stay-at-Home Parents Always Get Alimony

Alabama is an equitable distribution state, which means that there is not a set formula for determining which marital property goes to which former spouse.  When the case goes to trial, the court will make every effort to divide the marital property in such a way that neither spouse must pay alimony.  If you left the workforce to raise your children, the court might award you the marital home, but it might order you to return to the workforce and refinance the mortgage, with your spouse only paying alimony until the divorce becomes final.

Stubbornly Insisting That the Divorce Case Go to Trial

Going to trial in a divorce case is stressful, and it wastes money.  Instead of being stubborn and refusing to budge on your demands during mediation, it is better to resolve all the issues.  If the going gets tough, or if you can’t bear to be in the room when your spouse finds out the truth about your finances, let your lawyers do the negotiating for you.

Contact Peeples Law About High Net Worth Divorce

A Birmingham family law attorney can help you if you are going through a divorce after living large during your marriage.  Contact Peeples Law today to schedule a consultation.

Source:

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