Are you facing a high net worth divorce? This is one of the most complicated family law issues, as it involves dividing up assets in a way that is not only fair to both parties but also legally and financially sound. In order to properly navigate this complex situation, it’s important to enlist not only the help of a skilled divorce attorney but the help of a financial expert.

It’s not just about dividing assets; it’s about understanding the value of those assets, their potential for future growth, tax implications, and much more.

This article will delve into the role of financial professionals in high net worth divorces, highlighting how they can help protect your wealth and ensure a fair division of assets.

Why Have Financial Professionals When Going Through a High Net Worth Divorce?

When figuring out how to prepare for your high net worth divorce, there’s a lot to consider. Engaging financial professionals during a high net worth divorce is an important first step. These experts bring to the table crucial knowledge and understanding of complex financial matters that are often involved in such cases.

High net worth divorces often involve assets that are more complicated than cash, such as executive compensation plans, business interests, rare collections, and assets spread across multiple jurisdictions. This complexity can make asset division challenging, and without proper expertise, one might inadvertently overlook valuable assets or fail to understand the tax implications of the divorce.

Additionally, there’s a risk of hidden assets in high net worth divorces, which professionals can help uncover. This happens when one spouse conceals anything worth value like jewelry, investments or any other sources of income. Thus, having a financial professional on your side is vital to ensure a fair settlement and protect your wealth.

What Should I Look For in a Financial Expert?

When looking for a financial expert to assist you in your high-net-worth divorce, they should have extensive experience in handling complex financial matters related to divorce, such as dividing pensions, business valuations, and tax implications.

You should also look for a professional with strong communication skills, who can explain complex financial matters in simple terms. Their ability to clearly articulate these details will help you make informed decisions.

Lastly, the financial expert should have a thorough understanding of the laws and regulations governing divorce in your jurisdiction, as these can significantly impact the division of assets.

What to Expect from Working with a Financial Professional

When working with a financial professional during your high net worth divorce, you can expect a comprehensive review and analysis of your financial situation. They will examine all your assets, including real estate, retirement accounts, investments, business interests, and more.

Their goal is to establish an accurate picture of your financial standing and the value of these assets. They may also uncover hidden or overlooked assets, ensuring everything is on the table for division.

How Financial Professionals Help Draft a Divorce Settlement Agreement

Financial professionals play a crucial role in drafting a divorce settlement agreement in high-net-worth divorces. They start by conducting a comprehensive financial analysis to identify and value all marital assets as stated above. Once the assets are identified and valued, financial professionals can assist in forecasting the long-term financial implications of various settlement scenarios. This includes understanding tax consequences, future income, and potential changes to lifestyle.

By providing these insights, they help you and your divorce attorney negotiate a settlement that is financially fair and sustainable in the long term.

The Benefits of Working with a Financial Professional During Your High Net Worth Divorce

A key advantage of working with a financial professional during your divorce is their ability to accurately identify, value, and divide complex assets like real estate investments, business ownership interests, and retirement accounts. As mentioned, they can also uncover hidden or overlooked assets, ensuring a comprehensive division of wealth.

Financial professionals provide crucial insights into the long-term implications of various settlement options, including tax consequences and potential lifestyle changes. This helps you make informed decisions that protect your financial future.

Their expertise in financial matters can also reduce stress and confusion during a challenging time. Lastly, they can serve as a neutral third party, helping to facilitate productive discussions and negotiations, which can lead to a fairer, faster resolution.

What Should I Do if My Spouse Refuses to Hire a Financial Expert?

If your spouse refuses to hire a financial expert during your high net worth divorce, it’s crucial for you to take steps to protect your interests. Begin by consulting with your divorce lawyer. They can explain the benefits of having a financial expert involved and may be able to persuade your spouse or the court of its necessity.

If your spouse continues to resist, you may have the option to hire a financial expert on your own. This professional can provide you with the financial analysis and advice you need to negotiate a fair settlement. In some cases, the court may even order the involvement of a financial expert if it believes their input is necessary for the equitable division of assets.

In conclusion, engaging a financial professional during your high net worth divorce is a strategic move that can significantly impact the outcome of your settlement. They bring invaluable expertise in identifying and valuing complex assets, forecasting long-term financial implications, and ensuring a fair division of wealth.

While the divorce process can be challenging, working with experts during the process can help alleviate some of the stress. At Ohiku Law, we specialize in divorce law and helping our clients in Milwaukee, Brookfield and beyond get the best possible outcome.

Contact us today if you’re looking for a divorce attorney in Milwaukee. We are here to help.

By Attorney Odalo Ohiku, Owner of Ohiku Law Office

Attorney Odalo Ohiku is a dedicated and experienced lawyer who focuses on divorce law, family law, and custody and placement for high-net-worth individuals in the Greater Milwaukee area. A trained mediator and arbitrator, Attorney Ohiku has the skill set, experience, and perspective to help clients safeguard their interests while minimizing the stress, anxiety, and conflict that can come with divorce. Attorney Ohiku’s credentials are exemplary: he has been honored as a “Top 40 under 40” by both The American Society of Legal Advocates and The National Trial Lawyers, served as Chair of the Wisconsin State Bar Board of Governors, and earned the President Award from the Wisconsin State Bar. He is passionate about his work in safeguarding families, ensuring that they can maintain the lives they have worked hard to build.