High asset divorces are complex, and can take a long time to conclude. Whether you have a lot of assets during a divorce, or you want to learn from the blunders that many high asset divorce cases make, knowing these seven common mistakes will help you resolve your divorce much more smoothly.
1. Not Considering Tax Consequences
Assets that are distributed may be taxed. You need to know how the distribution of assets will be taxed, and how this will ultimately affect you financially.
2. Failing to Account for All Assets Properly
All marital assets need to be accounted for properly. When there is a high asset divorce case, it is a more complex to categorize and create an inventory of all the assets that you own. But it is essential that you make an inventory of all the assets and liabilities in the marriage to the best of your ability.
3. Concealing Assets
You cannot, by any means, conceal any assets. Hidden bank accounts, boats, sports vehicles and every other asset that you have must be presented to the courts. If you do conceal assets, this is viewed as fraudulent activity in the courts.
4. Trying to Just “Get It Over With”
Whether you are rich or poor, divorces are complex and trying. Everyone wants to get over their divorce quickly, but just trying to “get it over with” results in you making rash decisions and can have devastating financial effects on your divorce. You need to make sure that you also receive the maximum amount of assets during a divorce.
5. Letting Vengefulness Win
Anger and divorce often go hand-in-hand. You need to be able to put your feelings aside, and not be vengeful at this time. Working with a lawyer to find a solution that benefits both do you and your ex-spouse is the best solution.
6. Not Hiring a Lawyer
Even if the both of you have already agreed on the division of assets, it is always a good idea to sit down with a lawyer and discuss your options. This can be done jointly or separately, and it is the proper way to ensure that all of the assets are divided properly. Since most divorces are not amicable, you’ll want an aggressive lawyer that has experience fighting high asset divorce cases.
7. Allowing Guilt to Sway Your Decisions
Guilt in a divorce is common. When a person feels guilt, he will often allow this emotion to sway his decisions during the marriage. Divorce needs to be viewed as a business decision, and it’s important that emotions do not cloud your judgment at this time.
The Micklin Law Group, LLC is a New Jersey law firm specializing in family law and estates. Attorney Brad Micklin was recently named to The National Advocates list of Top 100 attorneys from each state. To set up a consultation, call 973-562-0100.