High asset divorces attract a lot of attention as they involve a lot of money. When you are going through the process, you need to do everything right to avoid problems. To help you out, here are some of the mistakes you should avoid when going through a high asset divorce:
Failing to organize your assets
When most people are going through a divorce, and there are a lot of assets involved, the first thing that comes to their mind is how they can shuffle ownership, hide, or even liquefy the assets so that they don’t lose them. This is wrong.
Remember that your credibility is of great importance in the court of law and when the judge realizes that you are lying, you will be in trouble.
Instead of thinking of how you will hide the assets, you should think of how to organize the assets. If there are a lot of assets involved, consider hiring a forensic expert to help you in creating an inventory.
Failure to think long-term
Although, a given asset might be valuable at the moment, it doesn’t mean that it will be the case in a decade’s time. Many assets such as real estate properties, while very lucrative, tend to attract huge taxes and even debts which can be an expense in the later years.
Before you start fighting, sit down with your accountant and determine how valuable the asset will be in the coming years.
Rushing the divorce process
Divorce is very emotional, and many people want to rush through it so that they can forget about it. If you don’t have a lot to lose, you can rush it through, but when there is a lot at stake, you should take things slowly.
You should consult your family lawyer so that you can come up with good parting strategies. You also should carefully discuss alimony, child support, child custody, and any other pertinent issues.
Hiring the wrong divorce attorney
It’s stupid to go through the divorce process alone—you should hire a divorce attorney who will not only advise you on what to do, but also maintain communication with your former spouse especially if you aren’t in good terms.
These are some of the mistakes you should avoid making when going through divorce. To have an easy time, work with a reputable and experienced divorce lawyer.