New York is home to many business moguls and high-profile married couples who make headline news whenever problems in their marriage are leaked to the media. Some couples can restore their relationships. Others file for divorce, which can result in more headlines but can also have a significant impact on business assets, as well.
Many spouses want to navigate the court system as swiftly as possible. But seeking to rush the process can be an enormous mistake. It can ultimately cause someone who has worked hard for years to amass wealth to walk away with less than the individual would have been entitled to if he or she had been more diligent during property division proceedings.
Take time to consider these issues in a high-asset divorce
The following list shows issues that may easily get overlooked if a spouse is more concerned with settling a divorce quickly rather than being thorough to negotiate a fair deal:
- The more assets there are, the more there is to hide. Rushing a divorce might make it easier for a spouse to stash cash or under-value assets on purpose.
- A high-profile figure may be hassled by reporters wanting updates on the divorce; taking time to mediate or arbitrate a divorce helps protect privacy, which may be beneficial for a New York business icon.
- When child custody or child support are priority issues, it is best to take as much time as needed to devise a fair and agreeable plan.
- Retirement assets, business issues, investments, stocks, etc., must be divided between spouses. Rushing this process increases the chance for oversight, which, in turn, can tip the scales toward one spouse or the other in an unfair advantage.
No one wants to be stuck in a courtroom for months (or longer). However, it is better to take whatever time is needed to protect financial interests in a divorce.
Never hesitate to reach out for additional support
Hiring an attorney who has experience in high-asset litigation is one way to ensure a fair divorce settlement. An attorney can also speak on behalf of a client, especially if a group of reporters is waiting outside the courthouse.