Every time a married celebrity appears in public for the first time without a wedding ring, tabloid news journalists know that the gravy train is just beginning. Celebrity divorces are never simple, and if they appear simple, journalists get to gush about the couple’s picture-perfect divorce. The media gets endless mileage out of the fact that Angelina Jolie and Brad Pitt’s divorce litigation lasted longer than their marriage, just like they do out of the fact that Kim Kardashian and Kanye West’s divorce would have been a lot worse if not for their prenuptial agreement. When it is a slow news day, journalists and content curators can remind the hate-watching public about aspirational divorce cases like Gwyneth Paltrow’s divorce from Chris Martin or Gisele Bundchen’s divorce from Tom Brady. Wealthy people, whether they love the camera or choose to keep a low profile, have more complex divorce cases simply because there is more marital property to appraise and divide. This means that family law attorneys who represent wealthy clients have a challenging but ultimately rewarding job. Here are some tips on navigating high-asset divorce cases.
During a High-Asset Divorce Case, Seek Help From Knowledgeable People When Necessary
Some people amass a substantial amount of wealth through simple means, such as living in a house they inherited, clipping every coupon, and never spending a penny on entertainment so that they can put most of their paycheck into savings. These people are unlikely to get divorced; it is only possible to follow such a lifestyle successfully if both spouses are on the same page about finances. The wealthiest people are not even sure how much money they have. Debt balances and the value of investments and business ownership interests are always changing. In order to figure out how much marital property your client is requesting, you must find out the value of the couple’s marital assets. This may be too big a job to do alone. You may need to hire financial experts on a consulting basis, even if you do not go to trial, because your client can finalize the divorce through mediation or a collaborative divorce agreement.
Furthermore, the more money you have, the easier it is to lie about it. If your client suspects that her spouse is concealing assets, you may need to hire a private investigator to find out the truth. Wealthy clients know that they are in for a long ride when they file for divorce; it is your job to do a thorough job of finding and presenting relevant information.
Keeping the Bills Paid Through Complex Cases
A wealthy client going through a messy divorce is likely to rack up hundreds of billable hours of legal services, but do not expect to see the money immediately. It is possible that your client’s spouse closed the marital bank account and canceled your client’s credit card, so your client is telling the truth when she says that she is broke; you have to have a hearing in court just to get a judge to order your client’s ex to pay the utility bills in the marital home while the divorce is pending. Meanwhile, you still need to pay your own bills. This means managing time by simultaneously working on matters which will reach a resolution quickly. Draft prenups and collect your money while also working diligently on the high-asset divorce case where you may not get paid until next year. It is a feat of time management, but time management is a lawyer’s strong suit.
Keep the Comments About First World Problems to Yourself
Family law attorneys are only human, and compassion fatigue is real. It is easy to feel that your client is getting upset about nothing when he complains about having to pay his ex-wife alimony for a few years even though she has a job when the client you met with yesterday is scrambling to modify his work schedule or find childcare so that he can keep the bills paid and exercise his parenting time since he does not have any relatives in town who can babysit while he is at work. During a high-asset divorce case, you should approach all of your clients with professionalism and empathize with their frustrations while helping them find realistic solutions that are fair to everyone. Your goal with every client is to work yourself out of a job and to make the client want to recommend you to other people who need help with a family law matter, whether you only worked for the client for a few hours or represented the client through a years-long divorce battle.
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