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Tips for High Net Worth Divorces: Legal Decision Making

Tips for High Net Worth Divorces: Legal Decision Making

Nothing can compare to actually sitting down with an experienced Arizona divorce attorney to plan out a strategy to protect your assets, particularly if you are a high net worth individual or entrepreneur. For those who find themselves in this situation, you can start by getting some general tips for high income and asset divorce cases as a starting point.

In most divorce cases, the first issue is to address the children. Are there any unique issues that high net worth individuals may face in divorce regardinglegal decision making and parenting time? In most divorces when children are involved, there are three general results: both parents come up with a parenting plan together, some contention with an eventual resolution out of court or litigation leaving the final decision to the judge assigned to the case. In almost every case, taking the power to decide out of the hands of the parents and leaving it in the hands of the judge is not the best idea. (Exceptions include cases involving parental alienation, parental gatekeeping or false allegations of abuse).

If you are a high net worth individual considering (or in the midst of) divorce consider these tips regarding resolving legal decision making and parenting time:

  1. Be realistic about your schedule. How much do you work? How much do you travel? If you have a highly varied schedule you’ll need a flexible plan that will allow you to maximize time when you have it rather than be stuck attempting to adhere to a rigid, fixed schedule.
  2. Use caution when deciding if you want to move out of the family home. There can be financial advantages or other advantages, but there can also be disadvantages. Sometimes parents may fear false accusations of abuse if they don’t move out or simply want to live in peace. Others are told to move out. The main problem with moving out is that you will need to immediately establish a parenting time schedule when you do. Moving out could make things more difficult if the parent staying in the family home with the kids has any intention of keeping the kids from the other parent, etc.
  3. Get the proper written agreement regarding legal decision making and visitation early in the divorce. This will avoid your spouse using financial issues as leverage during negotiations about parenting time and legal decision making. In some instances, taking a more global approach and insisting that all issues be decided upon or none at all could end up exposing you to fees ordered against you by the family court.
For additional assistance or to address other issues unique to high net worth divorce cases, contact the experienced Arizona divorce attorneys at Arizona Family Law Attorneys.
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