No two divorces are alike. While some are more straightforward and involve fewer assets, others might involve numerous properties, financial interests, and other valuable assets. Unfortunately, the more complex your financial situation is, the greater the chances are for making unnecessary and costly errors. If you are going through a high net-worth divorce, there are some mistakes you should be aware of, so you can protect your assets and interests.
Bypass the Most Common Preventable Missteps
In addition to its emotionally charged nature, divorce is also a complicated legal process and its consequences can potentially impact your life for many years to come. Thankfully, with some knowledge and skilled legal advice, you can bypass some of the most costly errors made during a high net-worth divorce.
Below are the most common high net-worth divorce mistakes you must avoid:
- Feeling guilty: If you wanted out of the marriage first, you might feel a little guilty about it. While there is certainly nothing with feeling empathetic toward your soon-to-be former spouse, do not let your feelings of guilt dictate your decisions. Do not give away more of your assets than is necessary and, if are entitled to alimony, do not waive it.
- Being in a rush to agree: Being too quick to agree is generally a big mistake in any scenario, including during the divorce process, so take some time to mull over your decisions before signing off on an agreement. No matter how eager you are for this process to end, you should still take the time to make sure you are not setting yourself up for financial ruin.
- Not paying attention to the tax consequences: In a high net-worth divorce, tax consequences are particularly concerning. You will likely have to pay taxes on the assets you are awarded in your settlement, so make sure you can afford it before you readily accept any offers.
- Accepting the advice of others: Your friends mean well, but anecdotal information about their experience with divorce will not help you. Your attorney has the knowledge and hands-on experience necessary to answer your questions, so instead of turning to your brother or a friend at work for help, reach out to your attorney. Divorce is a unique experience, so what might work for someone else, might not work for you, especially if your finances are exceptionally more complicated.
- Failing to take a closer look: You might think you can trust your spouse, but that does not mean you should not take a closer look and investigate your finances. In a high net-worth divorce, it is particularly easy to hide assets.
Discuss the Details of Your Case with an Experienced High Net-Worth Divorce Attorney!
If you are in the midst of a high net-worth divorce, you must secure skilled legal counsel to ensure your assets are protected. At Kraft Miles, A Law Corporation, our experienced divorce team has the knowledge and insight necessary to help you navigate this process. Having greater assets can make the divorce process exceptionally more challenging, which is why we are committed to helping you overcome any of the obstacles you might encounter.
Contact our law office today at (818) 462-5076 to request a consultation!