Regardless of circumstance, a divorce can be an emotional nightmare for couples. But it can also take a financial toll on a couple’s finances, especially in a high-asset divorce. One of the most contentious issues in a high-asset divorce is property division. Because of how contentious a divorce can be there are certain things a person should not do.
Do not make emotional decisions
A divorce is one of the worst times of a person’s life. Emotions are running incredibly high, and it can be hard to think past the next hour, let along the next year. But making an emotional decision can be devastating for a person’s future. It is important to think rationally and consult with a divorce attorney before agreeing to anything. A person should also avoid lashing out with their ex-spouse. Instead, they should remain calm and professional.
Do not hide assets
It is common for a spouse in a high-asset divorce to try and hide assets during a divorce. It is important that a person not try and hide community assets as separate property. If they get caught doing this, they can face monetary fines and be charged with fraud. They can also lose all credibility in court which may cause the judge to award an ex-spouse with more assets. A financial assessor can help with valuation assessments of property.
Do not try and navigate the divorce process without an experienced attorney
A high asset divorce needs to have an experienced high-asset divorce attorney along with professionals such as financial advisors, real estate agents, financial assessors, etc. An attorney can create a strategy and make sure their client’s needs are met both now and into the future.
