By Timothy Daw, Partner
For most couples considering divorce, especially in long-term marriages involving high incomes or significant assets, the divorce process may be the largest financial and family event of their lives. Having represented clients in these circumstances for over 40 years, I have found that clients benefit most when they are actively involved in their representation.
While the prospect of divorce can be chaotic and paralyzing, there are three basic steps individuals should consider before filing for divorce, particularly when substantial assets, complex finances, or children are involved.
1. What Background Information Should You Prepare Before Filing for Divorce?
The termination of a marriage involves a family's factual biography, with a beginning, middle, and end. I frequently ask my clients to prepare a written outline of the major events of their marriage to help me understand their circumstances.
This includes two primary issues: finances and children, if applicable. I ask that this information be as factual as possible, recognizing that other issues will arise as the case progresses.
The starting point is each spouse's background, the marriage, and their children. This includes the marriage date, birth dates, educational histories, and any special needs of the parents or children.
The next step is creating a timeline from the date of marriage forward, including:
In a high-net-worth divorce, understanding the marriage's financial history is especially important when identifying marital and nonmarital assets.
2. What Financial Documents Should You Gather Before a High-Net-Worth Divorce?
One of the costliest parts of a divorce is gathering the documentation needed to substantiate the marriage's history and the financial issues involved.
The more an individual can organize and gather before filing, the easier it becomes to identify potential issues and evaluate possible outcomes.
In most cases, this does not require a complete financial audit dating back to the beginning of the marriage. For example, in a 20-year marriage, obtaining every financial record is generally unnecessary. Typically, three to five years of records are sufficient.
Important documents may include:
However, complex nonmarital property claims, business ownership, and other financial issues in a high-net-worth divorce may require documentation covering a longer period.
Having clients securely gather as much relevant information as possible before filing can reduce unnecessary costs and delays. You will likely need additional documents, but providing an attorney with organized financial records from the start helps define the issues and develop viable solutions.
3. How Can You Protect Confidential Communications Before Filing for Divorce?
Before starting divorce proceedings, take steps to ensure communications and information shared between clients and their attorneys remain secure.
Phone calls, emails, and the transfer of documents may involve privileged and confidential information. Protecting these communications is especially important when discussing sensitive financial matters, business interests, or other personal information.
Clients should use devices, including phones, computers, and tablets, that only they can access.
Creating secure usernames and passwords is an important starting point. Passwords should be unique, difficult to guess, and not previously used.
Using devices shared with a spouse to communicate with a divorce attorney is a terrible idea and should be avoided.
Preparing for Divorce Starts Before Filing
Being prepared and organized before filing for divorce can provide meaningful advantages while reducing unnecessary costs. Equally important is maintaining the security of confidential communications throughout the process.
If you’re considering divorce, especially with substantial assets or complex finances, early preparation matters. Contact our family law team to discuss your circumstances and prepare.