Going through a divorce is already a challenging process, and the stakes are even higher when you’re going through a high-asset divorce. If you're navigating this type of divorce, you'll want to avoid common mistakes that can cost you a significant amount of money and time. By educating yourself on the common mistakes to avoid, you can better protect your financial interests and move on to the next chapter of your life with confidence.
Hiding Assets
Divorce can be a messy and emotional process, leading some to consider withholding assets from their spouse. It may seem like a reasonable decision at the time, but it's important to recognize that hiding assets can have serious consequences.
Not only can it damage your credibility, but it can also greatly diminish your chances of receiving a satisfactory settlement. Although it may seem tempting, the risks simply don't outweigh the potential benefits. It's in your best interest to approach the divorce process honestly and transparently to avoid any unwanted complications in the future.
Failing to Look for Hidden Assets
Divorces can bring out dishonesty in some people, even those you trust. It's a common mistake to assume your spouse has honestly accounted for all marital assets. In some scenarios, one spouse may be more financially knowledgeable than the other, which can leave the less experienced partner at a disadvantage.
Ultimately, in a high-net worth divorce, the stakes are too high to take chances with your financial entitlement. A forensic accountant can help you find any hidden assets and you help you pursue the settlement you rightfully deserve.
Accepting An Offer to Speed Up the Divorce
Divorces can be emotionally charged and stressful affairs, and many individuals may feel the urge to simply agree to whatever their soon-to-be-ex-spouse is proposing to move on with their lives. However, this approach may end up harming you in the long run.
By rushing into a settlement, individuals may end up agreeing to receive less than their fair share of assets or paying too much in spousal or child support. Additionally, the future tax implications of their decisions may not be fully understood at the time, potentially leading to negative impacts that could persist for years to come. It's essential to take the time to consider all options and seek expert advice when going through a divorce to ensure that the outcome is fair and beneficial for all parties involved.
Forgetting About Tax Consequences
When dividing marital property, it's important to consider more than just an asset's value. Some assets can come with tax burdens, while others have tax breaks. This means that assets with the same apparent value might not offer the same financial benefit.
Additionally, certain assets, such as retirement plans, require specific procedures for division to avoid serious tax consequences. That's why it's crucial to seek proper legal guidance when dividing property. Working with professionals who can help you plan for tax consequences can protect you from unexpected financial setbacks.
Making Emotional Decisions
Making emotional decisions during a divorce can have serious consequences. If you're feeling guilty about the split, you might be tempted to give your spouse whatever they want. However, this kind of decision-making often doesn't benefit you in the long run.
On the other hand, if you've been wronged, you may be wanting to seek “revenge.” Unfortunately, if you refuse to pursue a fair settlement and instead are looking to get back at your spouse, you'll only hurt yourself. Your legal fees will add up quickly and you may end up wasting more time on the divorce rather than moving onto the next chapter of your life. It's important to try to remain level-headed during this time to avoid emotional decisions that can negatively impact you.
Not Hiring a High-Asset Divorce Attorney
When it comes to high-asset divorce, hiring just any attorney can be a mistake. You need to hire a high-asset divorce attorney, one who has experience handling complicated divorces involving considerable assets.
A seasoned high-asset divorce attorney has dealt with similar cases before and therefore has a better understanding of the intricacies involved. They are able to help you navigate through dividing assets such as fine art, investments, businesses, and more. In addition, they can also organize your necessary paperwork, keep you updated on your divorce process, and help you understand any legal jargon. By hiring an experienced high-asset divorce lawyer, you’re increasing your chances of securing the best possible outcome in your divorce.
Contact Our High-Asset Divorce Lawyers
Divorce can be a grueling and painful process, especially if you are facing a high-asset divorce. Whether it is the division of complex assets or the intricate legal proceedings, it can be overwhelming to navigate alone. Our team of high-asset divorce attorneys at Jetton & Meredith, PLLC are dedicated to providing personalized legal services to our clients. With our experience in handling high-asset divorces, we will work tirelessly to help you through your case.
Don't hesitate to contact us for legal support and guidance. Call us today at (704) 931-5535 or fill out our form online to schedule a consultation with us.