If you are facing a divorce and have an extensive wealth portfolio, you are likely concerned with maintaining your privacy at all costs. Especially if you have a prominent profile in local business or politics, you need to move through your divorce with discretion and as far from the public spotlight as possible.
There are a variety of ways to maintain your privacy during your divorce process. Here are some factors that come into play, as well as some tips and information that can assist you as you build a strategic plan for moving through your divorce proceeding.
Ways to maintain privacy in divorce
One of the key factors that can help you protect your privacy in a divorce is by making a concerted effort to come to agreements with your ex. A contentious divorce can lead to a long and drawn-out court battle, and that is exactly the type of situation that will expose you to public scrutiny.
A report in Forbes shows the relative costs of different types of divorce proceedings in terms of money, time, privacy and other factors. High-conflict divorces are the ones with the least amount of privacy, according to the chart in the Forbes report. Therefore, keeping conflict to a minimum is a primary concern.
One way to minimize conflict as well as increase privacy is by keeping your divorce out of the courtroom. This is possible through an alternative divorce option such as mediation.
Factors to consider as you proceed
Individuals with high net worth have many factors to consider in reaching a final divorce settlement. There are matters to handle such as alimony and spousal support, as well as property valuation and division. If you have a business, this is another factor that you need to think about, especially in terms of valuation.
Sometimes you may face a complicated financial matter such as a spouse who is trying to hide assets. In those circumstances, you may need an additional professional, such as a forensic accountant, to work with your legal team. Your family law attorney can advise you on this and all of the other matters surrounding your high-asset divorce. The important thing to know is that there are ways to keep your divorce out of the public eye.