For a person who has accumulated significant assets in the course of their marriage, and/or earns a higher wage than their spouse, divorce can be a costly affair. A high asset divorce could end with one person walking away with the majority of the assets and money. If you are facing a divorce, the following are some of the mistakes you ought to avoid.
When the court finds that you have hidden property or money, you lose your credibility. In Virginia, when you are caught misrepresenting your property disclosure, the court may punish you by awarding damages worth three times the value of the undisclosed amount. To be on the safe side, you shouldn’t try to hide your assets even if when asked by your lawyer to do so.
Improperly Accounting For Your Assets and Liabilities
During divorce proceedings, you will be required to fill a financial affidavit and present certain financial documents. You need to consider this inventory seriously and make sure your records are accurate. Failing to compile this information properly may cause you to remain with liabilities that are not yours, or cause you to give up alimony or assets you are not obligated to provide.
Disregarding Expert Support
When dealing with a divorce involving a lot of assets, you need more than a family lawyer–you need a forensic evaluator. The role of the evaluator is to value your business and trace the assets that are to be categorized as separate property. During the divorce, the court presumes that all assets and money is marital and should be shared equally. However, assets that were in your possession before marriage or that you acquired as inheritance during your marriage, is considered separate property. If you do not utilize expert support to trace your wealth, all your property and money could be deemed as marital assets.
Divorces involving a lot of money are usually more complicated than they appear. It’s highly discouraged that you go at them alone as you will most likely make plenty of mistakes. To be on the safe side you should hire a competent divorce lawyer who will not only represent you in court, but also advice you on what you should do and say in order to avoid losing plenty of money. The professional will also help you in putting together documents that show that you own property.