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Full transcript by James Nolletti below.
The first crucial mistake I've seen high-net-worth individuals make when going through a divorce is failing to hire the right lawyer. It's critically important that when you're going through what is probably the most emotionally devastating experience in your life, that you have a lawyer who's going to help you think clearly and strategically. That lawyer must also be able to guide you through the legal and financial minefields of divorce so that once the dust is cleared, you will have a bright and financially secure future. This is especially true of high-net-worth divorces where a large amount of money, property, businesses, assets, and other items are all at stake. high-net-worth divorces have a much greater potential for mistakes on both sides than when minimal assets are involved. One party often feels betrayed, angry, aggrieved, and upset. Divorce can be very emotional and that's not the best frame of mind to make decisions that will result in the best long-term results.
The second key mistake is agreeing to anything just to finalize the divorce. Agreeing to terms for alimony or division of assets and liabilities just to get away from a person or just to be with someone else can have devastating effects on you financially.
The third mistake is hiding assets. Some spouses think they're clever and transfer their valuable assets to third parties such as a business partner or a child from a former marriage. Transfers like these can and most likely will be set aside as fraudulent and the spouse who attempted the fraud will have lost the most important thing they have in a courtroom, their credibility.
From that point forward, that spouse will be in a losing position for everything else related to a proper or reasonable divorce settlement. Attempting to hide assets is simply not worth it.
The fourth common mistake is listening to friends instead of experienced professionals. My neighbor got a divorce and she got millions. My friend got a divorce and he didn't have to pay a dime. My hairdresser got a divorce and she lost everything. Everyone's situation is different and everyone's case is different. Therefore, don't compare your case to anyone else's. Additionally, one judge might not rule the same as a judge in a different case. Laws change and your spouse's choice of a lawyer could also affect the outcome.
Because of all these factors, no two divorces are alike. Deal with yours according to your unique circumstances and with proper counsel and advice. You'll have the best outcome possible under those circumstances.
