High-wealth individuals who are about to get divorced need to take the proper steps to protect their assets and interests as they approach what can be a hazardous process.
It helps to have a team of experts working on one’s behalf to ensure the process is fair and does not result in unnecessary losses.
To that end, many people going through a high-net worth divorce consult attorneys, financial advisors and even forensic accountants.
Legal advice from a skilled attorney
The leader of this team should be a highly experienced Las Vegas divorce attorney who can advise the client on a wide range of important issues—from finances to the health and wellbeing of one’s family. An effective high-net worth divorce attorney should also provide in-depth guidance and advice on the following:
Division of marital assets: Through the course of a marriage, most couples obtain substantial assets and property. When a divorce is taking place, couples must figure out how to divide these assets as equally as possible, per Nevada’s community property law. An experienced attorney knows how to best protect your interests during this complex process.
Child custody: Divorcing spouses who have children together must arrive at a child custody arrangement that’s in the best interests of the kids. Nevada law now has a preference for joint physical custody arrangements, which means parents will likely share custody and parenting time.
Child support: If one parent retains primary custody, the other will likely need to provide the custodial parent with monthly child support payments. Even if there is joint physical custody, child support will be ordered if there is a great disparity in income. This amount is based on the number of kids, the income of each parent and the custody agreement in place.
Spousal support: Courts may rule that one former spouse must pay spousal support payments (also known as alimony) to the other to allow the recipient to maintain the lifestyle he or she had become accustomed to during the marriage. This can be a significant issue in high-net worth divorce cases.
Legal counsel may also need to offer advice on the opportunities and challenges ahead when it comes to real estate valuation, challenging prenuptial agreements and dealing with closely held businesses and investments.
Financial guidance from an experienced advisor
Although a high-net worth divorce attorney can provide some insights into the financial and tax implications of dissolving a marriage, wealthy individuals may find value in advice from skilled financial advisors and planners. When a closely held business, professional practice, high-value trust or stocks and investment accounts are involved, a financial advisor will allow a divorcing individual to properly account for and plan for the future of these assets—both during and after divorce proceedings.
Financial advisors may also advise on how dividing certain assets and property between the spouses can impact one’s tax situation.
Insights from a forensic accountant
Unfortunately, some individuals attempt to hide assets and property when involved in a high-net worth divorce. This is an unfair and illegal activity that can result in an uneven division of assets if left unchecked. It can also result in penalties to the spouse who is hiding the assets where the other spouse could be awarded 100% of those hidden assets once discovered.
Forensic accounts are specialized professionals who are skilled at investigating finances to determine if someone is being less than honest about his or her actual wealth. Working with a forensic accountant offers individuals the peace of mind that everything has been accounted for in the property division process.
Speak with a respected Las Vegas divorce attorney
Attorney Shawn M. Goldstein is a skilled and trusted family law attorney who delivers sound advice and personal attention for high-net worth divorce cases. He proudly serves clients in Las Vegas, Summerlin, Henderson, Green Valley, and the greater Clark County area.
