What Are The Most Common Mistakes In A High Asset Divorce?
Divorce is never easy on either party. Even if you want to “get out” as soon as possible, there are many steps you must take to ensure that you are making the right decisions.
When there are many assets involved in a divorce, a variety of additional challenges will come to the forefront. Here are some of the common mistakes that people make in a high asset divorce:
— Agreeing to anything because they want to put it in the past. There is no denying that you want to get through the divorce and move on, but this doesn’t mean you should agree to anything and everything.
— Hiding assets. This sounds like a good idea on the surface, but it is something you should avoid. When you hide assets in any way, the court will see it as fraudulent. This will work against you as the case moves forward.
— Overlooking tax consequences. When you go through divorce, some assets can be taxed. If you don’t consider this, you may end up with a tax bill you can’t or don’t want to pay.
These are just a few of the many mistakes that people make when going through a high asset divorce. You have a lot on your mind, but taking a step-by-step approach can help you avoid trouble that will hold you back.
If you are faced with a high asset divorce, if you don’t know what to expect, the best thing you can do is slow down and make note of the mistakes that have harmed others in the past.
Source: CNN, “Top 10 Mistakes in High Net Worth Divorces,” accessed Jan. 04, 2016