Going through a divorce is not easy. There are many decisions to make and so much to settle. In the case of a high asset divorce, one of the biggest decisions is determining what assets each party keeps. Such decisions are made based on a number of factors including the earnings for each party, standard of living, health, each party’s contribution to the welfare of the family including raising kids and future earnings, among many others. If both parties cooperate well, the process can end fast and smoothly. If you are going through a high asset divorce, consider the following mistakes that you should avoid to ensure the process ends well and you get what you rightfully deserve.
Making Rash Decisions
In most divorce cases, the parties want to get done as soon as possible. While it’s okay to want things to end fast so you can move on with life, you should avoid making rash decisions. When you rush, you may end up making mistakes that could affect your finances in future. Thus, you need to take time to think things through well, consider what you fairly deserve and also don’t forget the welfare of your dependents. Take the future into account too. Even when the process feels stressful, don’t rush. Talk to an attorney to help you with the complex processes. Also, you can talk to a therapist so that stress and other emotions don’t get in your way of making the right decision.
People think that hiding assets can help them in gaining more. Don’t make this mistake as it could end up working against you. Remember, your ex is most likely working with a forensic accountant and thus they can uncover what you are trying to hide. Be honest with your attorney about all you own and they will be able to advise you on how to handle assets. On the other hand, don’t underestimate your spouse. They could be trying to hide assets too. Discuss this with your lawyer.
Lifestyle Changes and Expensive Purchases
Another mistake you should avoid is trying to change your lifestyle or making expensive purchases so as to manipulate the final decisions. Just like hiding assets, this can end up working against you and thus you should avoid that too.
Hiring the Wrong Lawyer
Any person who went to law school can give you some advice, but for the best outcome, you need a lawyer who has experience in handling high asset divorce cases. Therefore, look for the right experience and don’t forget to check the reputation of the lawyer or their law firm. Discuss the costs too before hiring.
Finally, ensure the property gets a fair valuation. Look for an appraiser so that you get the actual value of all properties. You can ask your reputable attorney for recommendations of an expert appraiser. By working with appraisers, you can avoid issues of getting less than you could have if you got with property appraisal. Thus, don’t skip the professional evaluation by reputable appraisers.