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5 Things to Know Before you Lawyer Up in a High Net Worth Divorce
Divorce can bring out the worst of people. It increases fear and anxiety – and that can cause people to make a run for the most aggressive attorney in town. And there’s a place for them. But not always. There are PLENTY of instances where attorneys are not led by their clients’ best interests and can actually do more harm than good.
If you are facing a high net worth divorce, fears about money can increase manyfold, and lawyering up in a high net worth divorce can seem like a good idea. However, there are a number of dangers to consider before doing so. Here are five dangers of relying on aggressive lawyers in a high-net-worth divorce:
Increased Costs: Hiring a lawyer can be expensive, and this is especially true in high-net-worth divorces. The more complex the case, the more lawyers will charge, and this can quickly add up. The cost of legal representation in high-net-worth divorce cases can be astronomical, and the cost can easily surpass the value of the assets being divided.
Delayed Resolution: Going to court can be a slow process, and this is especially true in high-net-worth divorce cases. Lawyers must follow specific procedures and deadlines, and this can significantly delay the resolution of the case. The longer the case drags on, the more stress and financial burden it will place on both parties.
Increased Conflict: Lawyers are trained to protect their client’s interests, and this often involves taking an aggressive stance in negotiations. In a high-net-worth divorce, the stakes are high, and the lawyers may feel pressure to fight for every last dollar. This can increase conflict between the parties and make it more difficult to reach a resolution.
Decreased Privacy: Going to court means that sensitive information, such as financial records and personal details, will become part of the public record. This can be particularly concerning in high net-worth divorce cases, where the parties may have high-profile careers or sensitive personal information to protect.
Lack of Control: Lawyers will make decisions on your behalf, and you may not always agree with those decisions. By relying on lawyers to handle your divorce, you are giving up control of the process, and you may not be happy with the outcome.
In conclusion, while lawyers can be useful in high-net-worth divorce cases, it is important to be aware of the potential dangers and to carefully consider the cost-benefit before hiring one. Think twice before you hire a lawyer with a reputation for a “win at all costs” attitude and antagonistic legal maneuvering. That can really bite you in the butt in the long run! Alternative dispute resolution methods, such as mediation, can often provide a quicker and less expensive resolution to high-net-worth divorce cases, while also giving both parties more control over the outcome.
