When one or both parties in a divorce have significant assets, this can mean a more complex divorce situation. More real estate, bank accounts, businesses, and intellectual property, retirements and stock awards can mean more property to characterize and valuate. Businesses are particularly difficult to valuate because of the intangible value that must often be assigned. If you are heading towards a high net worth divorce, it is important to arm yourself with knowledge and the right divorce attorney.
Below are some common mistakes people who are seeking a divorce with high-assets often make. Just having some generalized information before you meet with your experienced and skilled divorce lawyer can help ease your mind during a stressful time.
- Letting their emotions take over: With so much at stake, strong emotions such as anger can really cloud your judgment. It is important to look at your divorce in an objective manner so that you can see what is really fair and what isn’t. This is a difficult task, keeping your emotions at bay, but it can really make a difference in the long run.
- Trying to hide assets: This is a major mistake. Do not try to hide assets from your attorney and the divorce proceedings. No matter what you think they will be uncovered. You will lose something of greater value which is credability in the divorce process.
- Rushing the divorce just to get it over with: You may just want the divorce to be over and done with as soon as possible. This may mean you just want to agree with everything and get a quick divorce. However, this is not going to be in your best interests long-term. This isn’t to say you should drag the proceedings out. A lawyer can help look out for your best interests when making these decisions.
- Choosing the wrong attorney: Make sure your attorney has extensive years of experience and has handled complex and high-asset cases in the past. You don’t just want an aggressive attorney. You want a smart attorney.
- Ignoring tax issues: This issue should not be overlooked. Make sure you find out what child support, spousal support and other monetary payments will be after tax is applied.
Remember, these are just general tips. For legal advice specific to your high-asset divorce scenario, reach out to a seasoned divorce lawyer in Washington immediately.