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Keeping the Stakes in Mind
High-net-worth divorce comes with higher stakes than a more “traditional” divorce, so it is crucial to think critically about every decision that comes your way. Unfortunately, the high tension one can feel can lead to poor decisions, and some actions are more commonly taken than others.
To give yourself the best chance at a successful resolution while protecting your assets, here are several common mistakes made in high-net-worth divorces that should be avoided.
Mistake #1: Hiding Assets
Part of the early stages of the divorce process involves submitting a complete list of all assets and debts that you own or are responsible for; this list should include assets owned both prior to and after your wedding.
Some deceptive individuals, however, take matters into their own hands by purposefully leaving off assets they would rather keep for themselves. They then try to hide from their spouse through various means. For example, some people attempt to transfer assets to friends or family members to hold on to until after the divorce is finalized.
Regardless of the method used, hiding assets is not only unethical but also illegal. If you suspect that your spouse is hiding assets from you, reach out to your high-net-worth divorce attorney for guidance on how to proceed.
Mistake #2: Failing to Be Thorough
Going through the various steps in the high-net-worth divorce process can be tedious, and yet this means that you have more reason to be thorough in the various issues that you have to handle. A large amount of paperwork and important documentation is part of the divorce process, and ensuring that you are thorough in your own personal examination of these items is crucial to making sure you are not overlooking anything important.
While this might take a lot of time and effort, it pays off to review your paperwork carefully to ensure that you have not made any mistakes or accidental omissions.
Mistake #3: Failing to Pay Attention to Financial Implications
Regardless of the settlement outcome in a high-net-worth divorce, it is imperative to look at the final outcome of your divorce through the lens of personal finances. When a divorce is finalized, the result is a number of financial implications, and those implications increase when the divorce involves high-net-worth individuals.
Various outcomes regarding assets and finances could change how much you may owe in taxes beyond the obvious filing status and withholding changes. Whether the changes to your financial future involve assets, debts, or investments, you should not go into your settlement agreement without discussing the potential implications these changes may have on your taxes and other financial institutions with your high-net-worth divorce attorney or a qualified tax professional.
Mistake #4: Acting Out of Spite
You may be upset about your pending divorce, and while that is certainly a natural emotional reaction to what is happening, you should be careful to avoid letting your emotions get the better of you. Far too many people end up reacting to their divorce based on their emotions, and this can lead to trying to get revenge on your spouse in some way.
Many people have used the courtroom as an opportunity to get revenge on their spouse; whether they are intentionally dragging out the process and lengthening the time they spend in court or are refusing to come to the negotiation table and are insistent on taking your divorce matters in front of a judge, acting out of spite can actually lead to more harm than good, including an overall longer length of time for your case as well as a higher amount of money spent on court costs and attorney fees.
While your emotions may run high in your divorce, take advantage of the resources around you to keep them in check and think critically about the decisions you have to make.
Mistake #5: Failing to Hire a High-Net-Worth Divorce Attorney
High-net-worth divorce cases require the experience of an attorney who understands the complexities and nuances that can fill these cases. Working with any divorce attorney simply will not get the job done in a proper manner. You need someone by your side who has experience working with high-net-worth divorce cases and their accompanying issues.
At Ford & Friedman, our team of high-net-worth divorce attorneys can help you work through the various challenges of a high-net-worth divorce. Whether dealing with complex assets or working through issues such as child support or child custody, we can help you work through your divorce while protecting your rights and your needs.
Learn more about high-net-worth divorce in Nevada or schedule your consultation with one of our high-net-worth divorce attorneys by calling us at ((702) 904-9898 or by visiting us online.