Perhaps you and your spouse have a sizable art collection, stuffed retirement account or antique car purchasing habit. Either way, high-asset divorces are more complicated, and mistakes can be critical.
Here are the most common mistakes made in these types of divorces.
Agreeing to terms too quickly
When you have decided to pursue a divorce, you probably want the event over as quickly as possible. You probably feel a lot of emotions and want to enjoy some downtime. However, that can cause you to agree to terms that put you in an unfavorable position.
Acting spitefully
The pain and anger you feel at the end of a marriage can make you bitter. That might make you want to strike out at your spouse. While these feelings are understandable, they should not be your divorce strategy. Fighting over everything can drag out the case and drastically raise the cost of your divorce.
Hiding assets
You have to disclose all of your assets during your divorce. The law requires it. Trying to hide assets can lead to severe consequences for you.
Forgetting about taxes
When facing a stressful divorce, you are bound to forget something. But unfortunately, one of the most common things people forget is a high-asset divorce tax burden, which can create serious financial problems in the future.
Making any of these mistakes can seriously impact you and your financial status. There are also plenty more that you can make which can affect your post-marital happiness. When you have many assets, ensure you have experienced support so you can sail through the process smoothly.
