Crucial things Often Forgotten when Planning a High-Asset Divorce: Part 1

Some aspects of divorce are obvious and well known. Others…not so much. It is impossible to know what you don’t know, but that is why it is so imperative to engage with experienced high asset divorce attorneys early on in your high asset divorce process.

Every divorce, regardless of the assets or net worth of the individuals involved, will have certain things in common. There will almost always be some negotiation required on items such as splitting the assets, agreements on child and spousal support, etc. While these items are easy to anticipate, there are many considerations and details that are less obvious, but can heavily impact a final divorce settlement. Unfortunately, the less-obvious items are often not thought of by the divorcing couple until they are in the thick of the divorce. This article is the first in a two-part series meant to help readers identify some of these types of issues in the hopes that they can consider them, and plan ahead as necessary to account for them. For expert advice to help you navigate through every nuance of your own case; contact the experienced high asset divorce attorneys at Fort, Holloway & Rogers.

Beware Sudden Spending Sprees

Divorce comes with a lot of unknowns. A partner may not feel secure in how they will come out of the divorce: what their financial situation will be, if their lifestyle will drastically change, etc. Fear can make people do strange and unexpected things. Some spouses in divorce cases have resorted to racking up unnecessary expenses and debts, and accumulated lavish items, in the final days of the marriage.

What Triggers an Unnecessary Spending Spree?

There is no one size fits all answer for why one spouse may nefariously or surreptitiously begin spending marital funds. However, some common (misguided) rationales behind this type of behavior might include:

• Some spouses might be trying to create the appearance that the couples’ lifestyle was above that which it really was. This might be done with the hope that a spousal support order would be based on the artificially inflated “appearance” of the couples’ lifestyle, rather than the lifestyle that the couple was actually accustomed to.
• As stated above – fear can make people do strange things. One spouse may begin buying up luxury items with the goal of hoarding or hiding unfair levels of assets that they aim to take ownership of post-divorce.
• In cyclical reasoning fashion: one partner may engage in deceptive practices, believing that their former spouse is (or will) engage in deceptive practices. In their mind, they are simply “evening the playing field.” Such thoughts are dangerous and can lead to trouble.

Taking reasonable but firm steps, with the advice of an attorney, can help to curb unnecessary spending. After all, there will be enough unavoidable expenses ahead.

Contact Fort, Holloway & Rogers

Because of all that is at stake, it is vital to work with an experienced high asset divorce attorney to ensure you are making the decisions that best serve you and your family – both now and into the future. The experienced Franklin high asset divorce attorneys at Fort, Holloway & Rogers can help you analyze your case and make a strategic plan for your next best steps.

Sources:

stylecaster.com/entertainment/celebrity-news/1190124/tom-brady-net-worth/

mercurynews.com/2023/08/24/kevin-costners-wealth-quadrupled-to-400-million-during-marriage-estranged-wife-claims/