Divorce is often complicated, particularly when it comes to splitting assets and property, or determining child custody and alimony. These complications are even more pronounced in high asset divorce cases, where a considerable amount of money, assets, property, businesses, and high-priced items are at stake. Like most divorces, there is a lot of room for mistakes, which could hurt both parties, and lead to an agreement that does not serve anyone’s interests.
Here are some of the most common mistakes you should avoid while in the midst of your high-asset divorce:
1.Hiding assets: You might be worried about retaining certain assets, but hiding them away is not how to go about protecting them and will most certainly have a negative impact on your divorce since it will likely be traceable. If you hide assets and a judge finds out, your credibility will be damaged and you might even face criminal charges. Be honest and use the law to assist you.
2.Inaccurate accounting: Filling out the financial information required on your affidavit is an important step and completing this task accurately should be a priority. These documents will be used to determine which assets and liabilities you will receive, as well as child support and alimony payments, so you will want to ensure there are no errors.
3.No investigation: Unfortunately, even if you are honest throughout this process, that does not mean your spouse is. Instead of taking his or her word at face value, investigate your spouse’s financial disclosures to make sure they check out.
4.Ignoring the long-term effects: Not all assets are the same, so you need to examine them carefully before attempting to keep them. Many assets are associated with expenses, taxes, and debt, so consider all of the facts before vying for an asset or property.
5.Agreeing too quickly: No one enjoys going through a divorce and oftentimes that leads both parties to agree to settlements too quickly. This is a big mistake. Remember, this agreement is going to heavily impact your financial future and is not something you should take lightly, no matter how eager you are to start over.
6.Not hiring a lawyer: Divorce law is not always straightforward, especially when high assets are involved. Not having an experienced attorney on your side, advising you and helping you navigate the process puts you at risk for costly mistakes. Do this right and make sure you hire an attorney who can effectively protect your interests.
Bowling Green Divorce Attorney
At the Law Office of Pamela Bratcher, we understand that divorce is a painful and emotional experience, which is why we seek to help you put an end to yours in the least painful way possible while protecting your best interests. Backed by 28 years of experience, you can be confident in our ability to represent you.
Contact us today at (270) 977-8910 for a case evaluation.