High-Asset Divorce: Streamlining the (Potentially) Long Road

This past year was a record-breaking year for many reasons. One item that flew under the radar was that we saw some of the longest-ever Hollywood divorces finally come to a close. Channing Tatum and Jenna Dewan finalized their divorce after six years, Brad Pitt and Angelina Jolie finally just finalized after eight years, and Halle Berry and Olivier Martinez also finalized after seven years. Each divorce, in and of itself, certainly received its share of media coverage. Messy custody disputes, messier business division controversies, lengthy spousal support battles – each aspect of the high-asset divorces was unique and much of it was put out there and subject to public comment.

Any divorce can end up in protracted litigation: but high-asset divorces are particularly prone to dragging out. Complicated issues of complex assets being divided, business valuations, the interplay of stocks, calculating appropriate support: the long and short of it is, high-asset divorces can take a significant amount of time. But there are steps you can take to help minimize the risk that your own high-asset divorce will experience unnecessary delays or fees.

In this article, we will go over some general tips you can employ to help ensure your high-asset divorce proceeds as smoothly as possible. These are general best practices, and while generally applicable every set of circumstances is unique. Obtaining formal legal advice from a professional high-asset divorce attorney at Fort, Holloway & Rogers is recommended to ensure you take the best steps moving forward in your own case.

Common Pitfalls in High-asset Divorce

There are many common mistakes that you can avoid in your high-asset divorce. Avoiding some of these issues can shorten the amount of time a divorce will take, can help keep the divorce from turning acrimonious, and can help better maintain important relationships moving forward. Time, money, and well-being are best served by starting a divorce case off on solid ground.

• Don’t Try to Hide Assets.

Concealing assets can result in court-ordered sanctions and fees, and can even result in the court divesting (taking) the asset from one party and awarding it to the other. Yes – attempting to hide an asset in order to gain total control of the asset can result in you losing whatever legitimate interest you did have in the asset to begin with.
In addition to this threat to your interests, if one spouse discovers that the other is attempting to conceal assets then the role of a forensic accountant will likely be heightened. While an often-necessary expert, if your entire diverse and complicated financial portfolio is subjected to highly-scrutinized forensic accounting it will lengthen your divorce and heavily impact the cost.

• Don’t Liquidate Bank Accounts.

In line with the above – do not move all jointly-owned assets or money into an account in only your name.

• Don’t Vilify Your Child’s Other Parent

If you are accused of parental alienation the court can limit your custody. Child custody issues are often emotionally charged and contemptuous. The well-being of your children and your own peace with them are worth protecting. If there are circumstances that truly warrant your child being protected against the other parent there are legal steps you can take. Even emergency petitions can be issued in pressing scenarios. An experienced attorney at Fort, Holloway & Rogers can provide further assistance.

• Don’t Let Emotion Reign

Emotionally charged decisions will rarely serve your best interests in the end. And do not make the mistake of assuming that each step of your divorce has to be contentious. Approaching a divorce or separation with a mindset of positive resolution can go a long way in avoiding protracted litigation and ending in a position that you are happy with. With that being said –

• Don’t Settle Just to Speed Things Up

It can be tempting to simply settle a case because you want it all to be over with – even if you do not like the terms. While there certainly is a time and place where you need to be realistic and settle on reasonable terms, it is a mistake to settle just to “get it over with.” Your wellbeing and future security rely on you fighting for what you deserve. An experienced high-asset attorney can help.

Contact Fort, Holloway & Rogers

Our experienced team can help you with any complication or nuance that can come your way in the midst of a high-asset divorce. Contact our office today to begin speaking with our team of Franklin high-asset divorce attorneys.

Sources:

usnews.com/news/best-states/california/articles/2024-12-30/angelina-jolie-and-brad-pitt-reach-divorce-settlement-after-8-years

forbes.com/sites/kellyphillipserb/2023/12/04/so-youre-getting-a-divorce-do-you-need-a-forensic-accountant/