Protecting Your Privacy During High Asset Divorce

Protecting Your Privacy During High Asset Divorce

Posted on November 07,2024 in Family Law

Making the decision to separate from your spouse can be a difficult process. Once you do make the decision, it will be helpful to think about how best to handle the separation and divorce proceedings. There are many factors to take into account, but one often overlooked but important issue is preserving your privacy during this stressful and challenging time-both potentially from your spouse and from third parties.

By protecting your privacy you can stop others from misusing your private information in court, keep your financial accounts private, lower your risk of fraud, and ensure that your private communications stay out of interested parties who could use them against you. This is especially the case for high net-worth divorces, as we discuss below. It is also vital to ensure your privacy is protected when children are involved, to protect their privacy and interests. That is why it is important to speak to an attorney who can protect your privacy in a high-asset divorce.

Wisconsin Divorce Records - Are They Public?

In Wisconsin, details of divorce proceedings such as the terms of asset division and custody are public records. Wisconsin is one of the few states that continue to allow full access to divorce records, with certain exceptions, including:

• Trial or hearing transcripts

• Social security numbers

• Bank account numbers

• License and passport numbers

• Information related to proceedings for adoption

• Minor children's information

The court can also seal certain information from the record at the request of your attorney, such as financial information and business records. In certain cases, you may also ask your attorney to request the court to seal the entire record from prying eyes. To do so, you must request that a court seal portions of the divorce record via motion to seal. You must prove to the court that you will be harmed if your records are made public.

Setting Up a Privacy Plan During Divorce

The sensitive nature of divorce and the high emotional, personal, and financial stakes make it important to safeguard privacy. If the divorce is a high conflict (which can happen when more assets are on the line), there is more incentive to attempt to obtain private information. Additionally, high-asset divorces are particularly vulnerable to prying eyes. Sometimes high-asset divorces are also the dissolution of marriages of prominent individuals, which can lead to public curiosity about the divorce.

The combination of the unique circumstances of a high-asset divorce with the public nature of most Wisconsin divorces makes it essential for high-asset individuals going through divorce in Wisconsin to take the threats to their privacy seriously.

This is where setting up a privacy plan for your divorce can be effective:

Set Up a Trust to Separate Assets

While it is not advisable to hide assets in anticipation of or during divorce proceedings, it is possible to set up a trust to keep assets separate and information about them private. Certain kinds of trusts can be created to safeguard assets such as an inheritance, and generally, the law will not consider these trust assets part of the marital property.

Consider a Confidentiality Agreement (or Several)

In high-asset divorces, it can be helpful to enter into confidentiality agreements with people who will be involved in your divorce-such as coaches, financial experts, attorneys, and others. A confidentiality agreement can give you peace of mind that your private information is legally protected. There is much flexibility to write confidentiality agreements that protect your specific interests.

Consider Alternative Resolution

The higher-conflict a divorce, the more likely that private information can be made public. When it is possible to have a collaborative divorce or go through mediation, this can help protect your privacy as these tools emphasize confidentiality. You can also agree to enter into a settlement agreement that does not become part of the public record.

Safeguard Digital Communication

In a high net-worth divorce, one of the most important parts of any privacy plan is the digital privacy plan, to ensure that your communication is private and stays that way. Because of the reach and power of online information, safeguarding digital privacy should be paramount. Consider the following strategies:

Consult an Attorney About Digital Communication

A divorce attorney can advise you on the types of digital evidence that can affect your case.

Curb Your Communication

Before putting anything in writing, even in a casual setting, consider whether it might have implications if it falls into the wrong hands. Take some time to ensure that the ways you communicate online are as private as possible.

Social Media Use

The same tip about curbing your communications applies to social media. Consider taking a few precautions to protect your information on social media. Minimize posts about private information on social media if possible. You can also take this a step further and review the information you posted in the past. Even if it is true that you can never fully delete anything you posted online as it remains on public servers, you can still maximize your chances of keeping private information private by deleting certain information that could be used against you on social media.

Secure Your Digital Footprint

• Set up encrypted emails and two-factor identification for signing in to your important accounts

• Change your passwords periodically, or set up software that does this for you automatically

• Set up a new email just for divorce-related communications

• Clear your data from shared devices,

• Make sure your smart home devices are protected

Watch Out for Scams

Be wary of clicking on any emails, texts, or other digital communication. Make sure that you know that the sender is legitimate, to avoid falling victim to phishing attempts or scams.

Before the Divorce

Even prior to the divorce, it can be helpful to think about privacy considerations. High-net-worth individuals can benefit from a pre or postnup agreement, and these should include robust confidentiality agreements in the event the marriage does not work out.

Contact Our Milwaukee, WI High Net Worth Divorce Lawyers

A divorce proceeding is stressful. Dealing with leaks of your private information is an unnecessary addition to that stress. At Gimbel, Reilly, Guerin & Brown, LLP, our Milwaukee, WI divorce law attorneys have the knowledge and expertise to advise you on how to protect not only your assets in a high-asset divorce but also your privacy. Contact our experienced divorce attorneys at 414-271-1440for a free consultation today.

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