7 Mistakes To Avoid In Your High Asset Divorce
For some married couples, parting ways is not the most difficult part of divorce. Instead, it is dividing up the property that is the most stressful. When a divorce involves one or two parties that have a high net worth or a great deal of assets, this process becomes even more difficult. High asset divorce cases are extremely complex, and it is not uncommon for mistakes to be made. If you are getting a high net worth divorce, below are the top seven mistakes to avoid to ensure you recover the fair settlement you deserve.
Rushing the Process
By their very nature, high net worth divorces are much more involved and complex, which makes the process take longer. It is important to remain patient so you do not agree to unfair demands made by the other party simply to get the process over with.
Some people going through a high net worth divorce try to hide assets to protect them from the property division process. This is a big mistake. Not only will the assets be found, but a judge will also not look kindly on you for trying to shield certain assets from being divided.
Failing to Consider Tax Implications
Divorce can have many different tax implications, and it is important to consider how these will affect you. For example, the lower-earning spouse may want to keep the summer home after divorce, but they may not be able to afford to pay the property taxes on it.
Not Creating an Inventory for Assets
If you do not create an inventory of all assets subject to property division, you may not understand where the assets are located, or the true net worth of the household. This will likely result in you not receiving the fair settlement you deserve.
Basing Decisions on Emotions
Divorce is one of the most difficult things a person could go through in their life. You are bound to become emotional at some point during the process. Still, it is important that you put your emotions aside and listen to the objective advice and opinions of your lawyer. If you base your decisions on emotions, you may come to regret them later.
Taking Revenge On Your Spouse
Anger is one of the many emotions you may feel as you go through the divorce process. Regardless of how your marriage ended, it is important that you keep your anger in check and that you do not act on it. Maxing out credit cards you jointly carry with your spouse, refusing to pay bills, and acting violently towards your spouse will only hurt you in the eyes of the court, which will hurt your entire case.
Not Working with a Family Lawyer in Orlando
When going through a divorce, an Orlando family lawyer can help ensure you do not make any of the common mistakes that could negatively affect your case. At Anderson &. Ferrin, P.A., our knowledgeable attorneys will guide you through the process and protect your best interests at all times so the outcome is favorable for you. Call us today at 407-412-7041 or fill out our online form to schedule a free initial consultation and to learn more about how we can help.