As you’re heading toward divorce, you’re probably wracked with a number of emotions, from anger and frustration to confusion and regret. These emotions can make it challenging to address the legal issues before you in an objective fashion. That’s understandable, and it’s okay. That’s why law firms like ours are here to help. But as you navigate your high-asset divorce, please be sure to avoid some of the common mistakes that are made in these cases and which can lead to devastating outcomes:
- Weaponizing your divorce: A lot of people are so hurt when they enter the divorce process that they want to take every opportunity they can to try to punish their spouse. This can lead to a lot of wasted time, increased costs, and extraordinary stress. It can also lead to poor decision-making that may leave you with less than desirable outcomes.
- Rushing the process: Some individuals just want to finalize their divorce as quickly as possible. This can be problematic, too, as it can lead to the acceptance of unfavorable terms.
- Hiding assets: Given the assets in play, you may be tempted to try to hide assets to remove them from the property division process. Don’t do that. It can lead to more legal trouble and a worse-than-expected divorce outcome.
- Overlooking tax implications: Depending on how your assets are divided, there could be major tax ramifications in play. Make sure that you take the time to understand those implications before agreeing to any sort of settlement. Otherwise, you could be left on the hook for big tax liabilities that you didn’t anticipate.
Navigate your divorce with confidence
It’s hard to go through a contentious high-asset divorce. But with thorough preparation and thoughtful advocacy, you can position yourself for a favorable outcome. If you think that you could use some help in developing the strategy that you need to achieve those results, now may be the best time for you to discuss your unique set of circumstances with an attorney you can trust.