How to Avoid Big Mistakes That Are Made During High Net Worth Divorces
Just because someone may have a high net worth, doesn’t always mean they are good with their money or have ‘enough’ to feasibly survive on, in the grand scheme of things. Their expenses, assets, investments, or lack thereof, and whether or not they are really going to be able to support their lifestyle over the term of the owner’s life, all need to be taken into consideration. It’s not just the question of money. It’s everything that surrounds the money questions. So, for anyone with a high net worth who is going into a divorce, what do we need to know to allow a peace of mind over all the critical and unique financial decisions involved?
Lili Vasileff is the president of Wealth Protection Management, a firm that is nationally recognized in providing financial expert planning to protect peoples’ wealth during a divorce. She is also the President of Emeritus of the Board of Directors of the national Association of Divorce Financial Planners and is a fee only Certified Financial Planner™ professional, a Certified Divorce Financial Analyst®, and a Master Analyst in Financial Forensics™ (MAFF) with specialty in Matrimonial Litigation. Lili Vasileff is recognized as a Wealth Protection Expert that works with clients and professionals before, during, and after divorce across the country. One of the specialties she has is working in high networth divorces that have such unique case factors that impact every negotiation.
On this episode of Divorce Dialogues, Lili joins Katherine to discuss some of the biggest mistakes made during high networth divorces and how to overall improve family relationships in the process, while also preserving wealth. She describes some main factors to be aware of when dealing with a high net worth divorce, such as the anchor assets in marital mistakes, money syndrome, considering smart investments, the importance in finding a reliable financial advisor, tax strategies, etc. Listen in for Lili’s tips on how to best navigate a high net worth divorce and the top factors that should not be overlooked.
What all needs to be considered with a high net worth couple
How important it is for money to be properly managed, to have the lifestyle you’re looking for
What often can happen when people suddenly come into large sums of money
Lili’s view on the lack of financial literacy being one of the main issues in handling money in a divorce
The importance of finding a certified and trustworthy financial advisor
Lili’s roadmap that she always provides her clients
How to carefully weigh the factors of a house being both a financial asset and an emotional asset
The complications behind a couple that has lived on primarily one person’s inherited assets
How a business is factored into a divorce
The importance of having a business evaluation
The main anchor assets in marital mistakes
Lili’s insight on what else to be aware of in high net worth divorces
Connect with Lili Vasileff
Call (203) 393-7200
Connect with Katherine Miller
Call (914) 738-7765