Couples with substantially more assets, business interests, and property will encounter unique challenges during the divorce process. To ensure this already difficult process does not become more complicated than it needs to be, there are some common mistakes you should be aware of so you can effectively avoid them.
Avoid Making These Costly Mistakes
Mistakes made during the divorce process can have serious ripple effects. If you have a great number of assets, you know that too much is on the line to make a single misstep.
Avoid these common missteps during your high asset divorce:
- Hiding some of your assets: Even if the assets you set aside are separate property, you are legally required to disclose your financial assets to the court during divorce proceedings. If you fail to disclose assets, it is fraud and will not only carry consequences in your divorce but could subject you to criminal consequences.
- Not looking for hidden assets: It is not uncommon for one spouse to handle the finances in a marriage. If that was the case for you, your spouse knows more about the marital assets than you do and might hide some of the assets to keep them from you. To ensure you are aware of all marital assets, obtain copies of investment information, tax returns, business records, bank statements, credit card statements, and any other pertinent financial documents that you can, as early as you can.
- Settling too quickly: Being cooperative and willing to compromise is an excellent way to lessen the heartache and drama of the divorce process. However, you should not be in a hurry to settle. Rushing into a divorce settlement is a big mistake for anyone, but it can be particularly damaging for a high-asset couple. The more assets you have, the more time is needed to identify and value those assets as it takes time to fully obtain a complete financial picture, so take your time during this process. Do not choose the instant gratification of ending your marriage quickly over your financial future.
- Overlooking the tax consequences: Dividing your shared assets and properties can be complicated, especially when you consider the tax implications that come with the assets of higher values. To protect your interests and avoid costly tax consequences, work closely with your divorce attorney who can help you understand the ramifications of every decision you make.
Speak to an Experienced Divorce Attorney Today!
If you are getting a divorce, you need to secure skilled legal counsel to guide you through the process. At Beaulieu-Fawcett Law Group, P.A., our divorce attorneys will negotiate when possible and aggressively litigate when necessary.
Call us today at (561) 600-5711 to schedule a complimentary case assessment.