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Springfield Family Law Blog

5 mistakes to avoid in a high-net worth divorce

Divorces can be long and messy. There are many factors that come into the situation including the couple’s feelings towards each other, their home, valuables, animals and children. Some couples are able to make it through the process painlessly while others fight tooth and nail every step of the way.

When it comes to a high-net worth divorce, couples tend to make mistakes that normally might not make much of a difference, but in their case, could result in major devastation.

Getting divorced? Don’t forget to update your estate plan.

You and your spouse decided that things are no longer working and that the time has come to get divorced. Your mind might immediately be drawn to all the legal issues directly connected to the upcoming divorce. However, there is another legal matter it can be critical to give appropriate attention and not forget about.

This is your estate plan. When getting divorced, updating this plan can be very important.

Will I have to pay spousal support after getting divorced?

In many marriages, one spouse is a breadwinner and the other manages the home and children. This can result in one spouse being financially dependent on the other, and in the event of a divorce, the financially-dependent person may request spousal support.

If you were the breadwinner in your marriage, then you should be aware of the factors that will determine whether you will pay spousal support, and for how long you may need to pay it.

Assets that can be difficult to value in high net worth divorces

Every divorce has the potential to be complicated. However, if you and your soon-to-be ex are affluent and will have substantial assets to divide, the process can be even more difficult because the financial stakes can be exceptionally high.

There can also be added complexity to the process because of the types of assets involved. In high-asset divorces, it is not unusual to have rare or exclusive property that can be very difficult to value, let alone divide. For instance, the following items could present some very real complications in these types of divorces.

Deciding who keeps the family home in a divorce

Key questions to ask yourself before making the decision

One of the most difficult decisions during a divorce can be deciding where you will live. Your home may be one that you have grown to love over time and you can’t imagine leaving.

What will happen to the family business after my divorce?

Marriages that have produced a family business are often left wondering what to expect after the division to the marriage is finalized. Will I have to divide the business? Is there any way it can continue to thrive despite the marriage failing? These are legitimate concerns to ask when separating the financial merging of former couples.  

An important starting factor when approaching this situation is securing a lawyer with a deep understanding of business laws and experience managing this and other high-asset divorces. There are complexities related to dividing a marriage with a business between them that simply do not appear in other divorce cases.

High-asset divorce: Prenup protects Georgina Chapman's interests

Prenuptial agreements can protect spouses in marriages anywhere, including in Oregon, regardless of their net worth. They can be particularly valuable in a high\-asset divorce. A perfect example may be the divorce of celebrities Harvey Weinstein and Georgina Chapman. Both spouses are highly successful in their respective fields -- he as a film producer and she as a fashion designer.

They were married in Dec. 2007, and they have two children. Weinstein is said to be worth approximately $300 million -- until several lawsuits and many more allegations were made against him of sexual harassment and abuse. It is now speculated that this may cause his financial ruin. However, although this caused Chapman to leave Weinstein last October, she appears fortunate to have the protection of a prenuptial agreement.

Grandparents' rights and child custody in Oregon

Determining child custody is difficult for everyone involved. For grandparents who are not primarily responsible for the child's care, they may feel they will lose quality time with their grandchild if they or their child is not awarded custody, or if joint custody is awarded.

It can feel helpless to not have any say in the child custody arrangements. Thankfully, in Oregon your needs can be addressed.

What are some reasons a prenup may be invalidated?

Last month, we wrote a post about prenuptial agreements and how to go about getting one of these contracts without ruining your relationship. In that post, the importance of the prenuptial agreement was central to the discussion. Today, we want to talk about the prenuptial agreement in a different context: how a spouse could actually mount a serious and successful legal challenge to a prenup.

Prenups have long had a reputation as being nearly impossible to overturn or reverse. To a certain degree, this is true. In most cases, judges will want the prenup to stand as is. However, there are circumstances where the prenup can be successfully challenged. One such circumstance is if the information contained within the prenup is illegal or false.

Divorce trends: Get a prenup without ruining a relationship

When a couple is planning a wedding in Oregon or anywhere around the nation, there is a long list of things to do. Choosing a venue, picking out a dress, selecting a caterer or planning a honeymoon are typical activities that come to mind. Getting a divorce is certainly not a topic of conversation most couples address in the midst of wedding plans. However, experts suggest that developing a prenuptial agreement prior to marriage affords couples an opportunity to logically discuss what might happen if a split occurs.

Certainly, the development of a prenup may create some frustration. However, marriage advisors acknowledge that prenuptial agreements can prove to be very useful documents in the future. They recommend several suggestions on how to create an effective prenup while preserving a relationship.