Divorces tend to be messy and confusing, and high net-worth individuals arguably have much more mess and confusion to sort through. Because they have more complex assets, wealthy people often need a host of professionals to assist in property division when they divorce.
The Tom Brady and Gisele Bundchen divorce
When Tom Brady and Gisele Bundchen announced to the world in October 2022 they were going their separate ways, their respective net worth was $250 million and $400 million. There were no courtroom appearances. Single statements on their Instagram accounts were all the limelight they endured. Brady and Bundchen prioritized privacy and pursued mediation to sort out financial matters and their joint custody arrangement.
Prenups helped
Brady and Bundchen married in 2009 and had extensive prenuptial agreements in place. Indeed, Bundchen updated her prenup in June 2022, just months before the divorce was finalized. It’s this sort of forethought and careful stewardship that characterized the cordial, efficient settlement they reached.
Hidden assets
But what if relations between two parting spouses are not so amicable? For instance, a lack of full disclosure regarding assets is often a point of contention. It may be necessary to hire a forensic accountant and/or a private investigator if there are substantial concerns about transparency.
Still, it’s possible to stay out of court if there’s some shared commitment to amicable resolution, and if both spouses put a premium on privacy. Either mediation or arbitration are effective alternate dispute resolution strategies that can be pursued.
Uncoupling is never easy. There are many choices to be made to ensure an equitable outcome and as soft a landing as possible. Navigating the complexities of the process is best done with the guidance and support of experienced counsel at one’s side.