High-asset divorce cases require diligence and experience. Don’t let these common mistakes keep you from an agreeable settlement.
It’s true what they say—money can’t buy you love. With more property and business interests than the typical couple, couples with lots of assets like you and your soon-to-be ex-spouse need to take extra care as you begin the divorce process. High-asset divorce cases are fraught with potential pitfalls, but if you know what you are getting into, you can avoid some of the costliest blunders.
If you want to get your fair share, avoid these mistakes.
4 Common High-Asset Divorce Mistakes
1. Rushing a settlement.
2. Hiding assets from your spouse.
3. Assuming your spouse is not hiding assets.
4. Failing to conduct a proper valuation of marital assets.
1. Rushing a settlement.
Wanting to be done with a divorce after months of grueling negotiations is understandable. However, if you try to rush a settlement, you could end up regretting it sooner than you think.
One of the most costly high-asset divorce mistakes is agreeing to settlement terms that are less than agreeable—from unfair alimony payments to unbalanced asset distribution, you could be looking at consequences that set you back years.
2. Hiding assets from your spouse.
Hiding assets during a divorce is never a good idea. Not only can it damage your credibility with the court—it can also have concrete consequences for your settlement. In some high-asset divorce cases, a spouse who attempts to hide assets—even non-marital assets—receives less of the estate after the court discovers their deception.
3. Assuming your spouse is not hiding assets.
On the other hand, it would be unwise to assume your spouse is not attempting to hide assets. In some marriages, one spouse has more control of and insight into the family finances, which they can use to understate the value of certain assets. Be sure to get documentation on all accounts, investments, and property so you can enter into talks with more leverage.
4. Failing to conduct a proper valuation of marital assets.
The proper valuation of all assets is a critical part of any divorce, but for high-asset divorce cases, which are typically more complex, it is especially important. For instance, when the courts determine alimony, both spouses’ assets come into play. If the spouse who is ordered to pay alimony has assets that are undervalued, the other spouse may end up with a lower alimony payment.
Don’t let your high-asset divorce leave you with nothing. Schedule a consultation today.
Now that you understand what’s at stake in your high-asset divorce case, you need to do everything in your power to make sure you get a fair settlement. Want to talk about your case? I am here to help you navigate this stressful time in your life. Contact me today to set up a consultation.