High-Net-Worth Wealth Management

Divorce can be a stressful process for any couple, and it can be even more of a challenge for executives and high-net-worth individuals. A high-net-worth divorce requires proper planning to prepare for the financial issues that will arise. Because the stakes are higher, high-net-worth wealth management is key. The skilled family law attorneys at Conniff & Keleher explore the importance of high-net-worth financial planning in navigating the challenges of divorce.

High-Net-Worth Financial Planning

As mentioned above, high-net-worth wealth management can make the divorce process far less complicated for executives. The first step for an executive couple contemplating divorce is hiring a financial planner or financial advisor with experience working in divorce, or to hire a certified divorce financial planner. A financial planner is there to guide anexecutive through a checklist of crucial tasks to complete prior to, during, and after the divorce.

A financial planner can also assist with cash flow projections to determine the realistic costs of maintaining two households. Working with a financial planner provides peace of mind, ensuring that the client can control his or her finances.

Another important aspect of high-net-worth wealth management is keeping clear records and gathering and providing financial information in an organized manner at the beginning of the divorce process. Not only does this further simplify the process, but it also helps to foster trust between spouses. Discovery disputes slow down divorce proceedings and can be costly.

Working with Divorce Attorneys

In a high-net-worth divorce, financial planners and attorneys should work together to achieve thebest possible outcome for their clients. Involving a financial advisor early in the divorce processis beneficial in evaluating different settlement and support scenarios, providing insight into howlong the money should last, and helping set expectations about the type of lifestyle the clientcan afford once the divorce has been finalized.

Wealth managers can also help model projected rates of return on invested assets. This information helps clients decide on what they would like to receive in a settlement in addition to the amount of support that is appropriate.

Set Up a Consultation Today

If you are involved in a high-net-worth divorce, working with a financial planneror financial advisor with experience working in divorce and a skilledfamily law attorney will ensure that the process goes as smoothly as possible. The experiencedattorneys at Conniff & Keleher will collaborate with your financial planner for optimal results. Set up a consultation today!