Regardless of the circumstances, divorce can create an expensive toll on the emotions and the finances of each party. In a high-asset divorce, there is a lot at stake.
How does one fairly divide the property and finances? A family law attorney can help. In addition, it is critical to avoid these three costly mistakes.
1. Making Emotional Decisions
When emotions are high, it's easy to make rash decisions without taking enough time to consider all the wealth involved. During this trying time, it's important to hire a family law attorney to ensure you always make the right decisions for your case.
In the event of emotional decisions, you might give up too much and cause long-term financial distress. While a divorce can get heated, it's vital to remain calm long enough to consider the explicit consequences of every decision. This is even more important in a high-asset divorce.
Don't give up too much just to make your life easier in the moment. It might be more time-consuming and emotionally draining to fight for what's yours, but it will be worth it in the end.
You may still have emotional ties with the other party and don't want to argue, but you now need to focus on your financial well being. On the other end of the spectrum, you may be hurt. But, keep in mind, it can be costly to act out of spite.
2. Hiding Assets
One of the biggest mistakes you can make in a high-asset divorce is hiding assets. Your divorce attorney can help to ensure you are transparent with all your assets. Sure, in some cases, it can be tempting to hide assets that you don't feel the other party deserves.
However, this is considered fraud. When a division of property is involved, all assets require disclosure. If it is discovered that you have been hiding any assets, then it will be considered fraud. In addition, you will lose all credibility and the judge may award more assets in favor of your soon-to-be-former spouse. Experienced judges and lawyers have seen it all. Don't make this difficult time even worse than is necessary.
3. Failing to Consider Divorce Mediation
A better model for the traditional approach to divorce is with divorce mediation. It could be a costly mistake not to consider this option. With the help of a divorce meditator, each party gets to control the outcome. What could be better? Instead of having a judge make the final decisions for you, both parties can settle issues based on fairness and compromise.
Furthermore, divorce mediation typically takes less time because you get to decide when and where you will meet. Each party gets a more direct role in the results. And, in a high-asset divorce, this can truly make a profitable difference for everyone involved.
Divorce can leave you feeling uncertain about your future and the future of your assets. Don’t let the stress keep you up at night. Contact Schweitzer Law Partners for compassionate counsel and for help protecting your future.