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4 ways higher earners can improve their divorce outcomes

Many higher-earning spouses in New York do not realize the amount of control they have over their divorces. Some of them believe because they spend so much of their time away from home running their businesses, the courts would determine that they should not have a favorable custody and property settlement agreements. 

Though it may seem as if things are not in their favor, there are things they can do improve the likelihood of them getting the divorce outcome they expect. 

1. Prepare for their divorce 

Being blindsided by divorce is not easy. It puts nonfiling spouses at a disadvantage because they have less time to prepare. Working with a financial expert and an attorney can help them to gain ground in their divorce and counter the challenges their spouse throws their way. 

2. Assess their goals 

Many high earners are aware of how beneficial goal setting can be. However, they might not realize how helpful it is in the divorce process. Setting goals can help them to keep sight of their current and post-divorce needs and the big picture. Taking a goals-based approach can also help them to avoid delays and control their divorce costs. 

3. Protect parental and custody rights 

Many issues can have an impact on child custody. Unless parents' presence goes against the best interests and well-being of their kids, they should fight to protect their custody and parental rights. Children fare best when both parents are present and involved in their lives. High-earning spouses who do not seek or are not capable of having custody of their children should work with their ex-spouses to create parenting-time/visitation agreements that favor everyone. 

4. Negotiate child support 

When it comes to child support, many parents have their own ideas about what they think is fair for payments. What they fail to realize is their kids are accustomed to a certain standard of lifestyle because of their contributions to the family household during the marriage. Children are entitled to a similar standard of living after divorce is final. This does not mean higher-earning spouses should pay exorbitantly high amounts in child support because their partners earn significantly less than them. They should work with their attorney and ask the courts to rule on an amount that helps the custodial parent maintain a stable environment for their kids. 

People who have considerable wealth and are in the midst of a divorce should speak to an attorney about their situations. He or she can help to protect their financial status and ensure their kids receive the support they need without having to pay more than necessary.

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