Many high-asset couples in the Dayton area do not consider the unique challenges they may face in a divorce. Unlike couples who have considerably less income and fewer assets, they often have circumstances that can have a significant impact on their financial profiles and lives. They experience many of the same issues that often lead to separation and divorce, such as infidelity, poor money management skills, lack of communication, intimacy issues and a lack of respect for each other.
It is so easy to assume that because a couple has more money, they will have an easier time going through the divorce process. Many wealthy couples have disagreements about their finances that can lead to challenges during the divorce process. The stakes are higher, and the higher net worth partner has more to lose, especially if there is no prenuptial agreement in place. Here are some ways to overcome challenges that are unique to high-asset divorce situations.
Look at the big picture
It can be so easy for individuals to lose sight of the big picture when they are focused on not giving their partners’ a dime. No matter who earned the income or contributed to the household, once a couple comingles their finances and takes on joint obligations, they become subject to the marital property division laws. They do not get to pick and choose what to award their spouse. They may forget about certain assets like retirement accounts, life insurance and other assets that can become fair game.
Keep emotions in check
No matter how much a person may herald the end of their marriage, it can be easy for them to let their emotions rule their decisions. This can create challenges that prolong the resolution of their situation and lead to a lopsided divorce settlement. Couples who can keep their emotions under control, work together and reach mutual agreements can improve the outcome of their circumstances. They can better anticipate the needs and wants of their spouses and strategize their way to an agreement that has minimal impact on their financial standing and post-divorce lives.
High-asset individuals who are considering divorce should hire professionals to support and guide them through the process to keep them from making serious mistakes. The right guidance can minimize tax issues, disagreements and keep them from suffering financially in a divorce.