Divorce is complex but can become even more complicated when you have substantial assets. Navigating a high-asset divorce while juggling the public eye can exacerbate the situation.
As you work through your divorce, you need to consider safeguarding your privacy.
Disclose your finances carefully
About 9% of New Jersey’s residents are high-asset individuals, and when divorce happens, people often become interested in their lives. To protect yourself from the public, be strategic about disclosing financial information. This will save you from unnecessary exposure.
Start by collecting an inventory of debts and assets to ensure you have complete and accurate information. Share the information only with relevant parties and maintain secure communication channels. Encrypted communication platforms allow you to exchange sensitive documents securely.
Stay off social media
Nowadays, everyone has social media access, so be cautious about what you share on any public platform. Restrict information about your finances, legal proceedings and personal life. Keep divorce discussions offline and among trusted friends and family. If possible, consider taking a break from social media during the divorce.
When you negotiate in open court, all negotiations become part of the public record. Negotiating financial settlements in private minimizes the public record of your arrangements. Meet with your former spouse and a mediator or arbiter to ensure confidential asset allocation. For extra security, you can also implement a privacy agreement.
Consider utilizing trusts to divide your assets. Trusts operate with a high degree of confidentiality and are not a part of the public court record.
When you protect your privacy during a divorce, you protect your reputation.