While all divorces are stressful, Connecticut couples who go through a high-net-worth divorce often face even more anxiety and stress. The term “high-net-worth divorce” refers to divorces that involve splitting up assets worth more than $1 million. When navigating one, there are some dos and don’ts that can help alleviate a bit of that stress.
Do: get an inventory
In most marriages, one partner has a better understanding of the assets owned than the other. If you’re not the spouse who typically handles the finances, get an inventory of every account, every insurance policy, every retirement account and every asset that you and your spouse own. Some high-asset divorces take contentious turns, and it’s not uncommon for one spouse to try to hide assets from the other.
Don’t: be adversarial
Even if your estranged spouse makes the divorce process harder than it has to be, try to avoid being adversarial. When you appear in front of the family law judge presiding over your divorce, you don’t want him or her to form a negative opinion of you.
Do: remember your debt
Connecticut is an “equitable distribution” state which means that each party involved in a divorce doesn’t automatically assume responsibility for 50% of debts incurred during the marriage. However, it’s safe to assume that you’re going to walk away from your marriage with at least some of the debts owed.
Don’t: forget the future
While your divorce gives you the chance for a fresh start, that fresh start will look much different than the life that you’re accustomed to. Don’t forget to make plans for your future regarding new spending habits, living arrangements and more.
Since high-net-worth divorces involve more assets, they typically take longer to settle. Don’t get frustrated if the process takes months or even years.
