Divorce can be a long and complex process and trying to navigate through all the details when there are many assets at stake, can be overwhelming.
When couples have a large combined pool of assets, finances, and even involvement of family and businesses, it’s easy to make choices that can lead to expensive and lengthy litigation. With so much on the line, an experienced attorney can provide you with much-needed peace of mind while guiding you through the typical obstacles associated with the divorce process. It can be easy to let emotions cloud your judgment, and without skilled guidance, you could make some common mistkes.
5 Mistakes to Avoid in High Asset Divorces
You stand to lose a lot by making mistakes caused by stress, emotion and lack of knowledge of applicable laws. Hiring an experienced attorney can help you avoid these mistakes.
1. Letting Emotions Cloud Your Judgement
During your divorce you may feel disappointed, betrayed, aggrieved and angry. Sometimes this makes individuals want to “get it over quickly.” However, if you agree to anything just to get away, it could have a devastating impact on your post-divorce financial stability.
Even if the marriage is ending amicably, there’s bound to be hurt feelings. Those hurt feelings can cloud judgement and make individuals act our irrationally. In high asset divorces there’s more at stake and more to fight over, so keeping a level head will help the process in your favor.
2. Being too trusting
With so much at stake it’s not uncommon for individuals to try to hide assets in a divorce or act in other ways that seem malicious or out of character. Divorce is not always an amicable battle, so don’t be too trusting and let your guard down.
Your lawyer will play a significant role when you and your spouse must account for assets and liabilities. An experienced attorney will notice signs of hidden funds or property and can investigate any suspicions of concealed income or assets or incomplete disclosure.
3. Hiding Assets
We just talked about how your spouse may try to hide assets, but here is a reminder that you should not try to hide anything either. During the divorce you will both be required to disclose all assets, whether they are shared or separate. Both attorneys will be familiar with all the common tactics and they will most likely discover anything you try to hide, which ultimately if caught, will not put you in a favorable light and can actually lead to legal consequences.
4. Forgetting to consider tax implications
A seasoned high-asset divorce attorney can make sure that tax consequences are clear before you settle on distributions like alimony that can turn out to be much less than anticipated after taxes. Along with changing your filing status you will most likely have other considerable changes to your returns.
5. Take guidance from friends, family and non-professionals
While friends and family usually only wish the best for you, they may also try to offer advice about their experiences in divorce that just aren’t informed or helpful. With many assets on the line, it’s not uncommon for those close to you to also feel invested in the outcome.
Truth is, every divorce is unique, and it might be best to encourage friends and family to limit their support to emotional — your attorney will provide legal guidance and support.
It is also crucial to hire an attorney who is fluent in family law and has the ability to handle complex high asset cases. Here at Debra Opri & Associates we are committed to partnering with our clients to get the results they are looking for. With over three decades of experience with both high profile and private personal cases, we are ready to provide our knowledge, experience, and compassion to help you navigate a divorce as easily as possible.