For Colorado families who have been successful in amassing a high degree of wealth, protecting those assets from loss is often a top priority. That includes managing money in a way that reduces tax obligations while promoting steady growth, and protecting against loss due to litigation. When it comes to legal losses, few things can be more damaging to one's bottom line than a high\-asset divorce. That is why many families take an aggressive stance toward making sure that inherited wealth stays where it was intended.
Ask any Colorado tennis fan to name a few players who have made historic strides in the sport, and the names Venus and Serena Williams will almost certainly be uttered. Many people who follow the sport are aware that their father, Richard Williams, was instrumental in shaping the early training and competitive nature that Venus and Serena have used to propel themselves into the highest levels of professional tennis. He is now facing a high\-asset divorce with his second wife, and the matter has made headlines as the two parties begin the legal process of ending their union.
After more than ten years of marriage, you and your husband have decided to part ways. You know the divorce will be complex. While your husband spent his time trying to fulfill his dreams of becoming an artist, you built your own interior design firm from the ground up. Many years of success have allowed you to purchase a second home, investment property, and build a strong stock portfolio. Theoretically, you could retire now and live very comfortably. However, you love the work too much to walk away from it. In addition, your divorce settlement may include handing over a significant portion of your assets to your husband.
When you decide to move forward with divorce, it goes without saying that you will have a lot on your mind. For example, it's only natural to feel poorly about how your relationship is ending.
Going through a divorce is never easy. It can be very difficult to reconcile with the fact that a person who you once thought the world of is now a bitter adversary. And this sort of conflict is certainly stressful, so much so that you may be inclined to try to work out the terms of your property settlement as quickly as possible.
Getting divorced draws various emotions depending on your current relationship with your partner. For some, it can be a disastrous and shocking experience that will affect your physical and psychological wellbeing. For most, it can be a blessing in disguise with a significant pay cheque on the horizon. Whatever your motives are, you might expedite a swift and smooth process especially when children are involved. When you come across a high-asset divorce, you probably think of lots of cash in bank accounts, stocks in various companies, luxury cars and apartments spread across the country, if not the globe.
If you're facing a divorce involving significant and complex assets, you might think that divorce mediation will not be helpful, but this doesn't have to be the case. In fact, high-asset divorces can greatly benefit from divorce mediation.
While every divorce situation is distressing, it becomes more strenuous when parties have to worry about their financial stability and property loss. High asset divorce can raise serious disputes with spouses disagreeing over fairness in the division of marital property. A high-profile couple can have real estate investments, property interests, retirement plans, complex trusts, and international assets. A combination of such assets can make divorce proceedings for individuals of high net worth complicated as there may not be a straightforward way of equitable division. Therefore, it is critical to consult a high-net-worth divorce attorney.
Divorces are neither easy nor pleasant. Both spouses are usually in an emotionally vulnerable state throughout the process, and find themselves acting out of anger and spite, which ultimately ends up hurting their own interests.
Divorce is a complicated and sometimes traumatic experience. As a small business owner, your divorce may also affect your consulting company. It can have an impact not only on your profits, but on your employees and clients as well.