New York: Juan Luciano, a divorce lawyer and founder of Juan Luciano Divorce Lawyer law firm, recently published an article regarding high net worth divorce. In his article, he listed five tips a person should know when handling or considering a high net worth divorce.
The divorce attorney explains the first tip which is educating oneself as soon as possible. He specifically explains: “If you are in a high net worth marriage that is struggling, you should seek the advice of an experienced divorce lawyer as soon as possible. While this may seem pessimistic, as there could still be a chance to save the marriage, these types of divorces can be so complicated that it doesn’t hurt to at least talk to an attorney.”
The second tip is to not hide any assets. It is tempting to hide assets if a person is about to get a divorce. While this might seem like a good idea to reduce the assets and ensure that they are financially well off after the divorce, hiding assets could cause more harm than good.
A person may be discreditable immediately if the court finds out that they have falsified reported assets. The settlement may favor the other party. Whatever the circumstance, it is recommended to present all the assets honestly so they can be properly assessed by the court.
Speaking with financial professionals is the third tip for high net worth divorce. Getting a professional financial advisor is recommended if one owns assets such as stocks, bonds (real estate, property), pensions, businesses, or other income. Credible professionals can assess and value assets, which is more likely than self-reporting.
In the divorce process, consulting with accountants is crucial. An experienced divorce attorney can guide and assist with the legal proceedings, but an accountant can properly inform the concerned party about tax implications that could arise from the separation.
The fourth tip is avoiding rapid settlements. Complex financial aspects can make a high-net-worth divorce stressful and emotionally draining. Many people wish to end their divorce quickly, so they may rush to agree to settlements with unfavorable terms regarding alimony and division of assets as well as inheritance of debt.
Furthermore, Mr. Luciano discusses the fifth tip which is to not defy the court. The court will make a decision on one’s divorce and it should be taken seriously by following through with it. The court may issue injunctions requiring the party to follow all instructions. Failure to comply can have severe consequences for one’s case and could lead to further financial loss.
To learn more about high net worth divorce, visit Juan Luciano Divorce Lawyer’s website https://divorcelawfirmnyc.com/5-tips-for-high-net-worth-divorce/.
About Juan Luciano Divorce Lawyer
Understanding the emotional difficulty for all parties during these times, Mr. Luciano believes in minimizing the inevitable conflicts that arise during divorce and custody negotiations and guiding his clients to a place where they are able to make objective decisions for the protection of their families and their future. Consequently, he strives initially to negotiate in good faith to achieve a mutual goal, enabling partners to go forward with their lives with respect toward each other. His goal is simple: negotiation when possible and litigation when necessary.
https://www.youtube.com/watch?v=iyGbKDqvmyw&t=4s&ab_channel=JuanLucianoDivorceLawyer
from Press Releases https://www.pressadvantage.com/story/48870-new-york-divorce-lawyer-juan-luciano-discusses-tips-for-high-net-worth-divorce
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