A high-asset divorce can be particularly complex, due to the large amount of assets, property, businesses and money at stake. When a divorce involves this type of wealth, you should be prepared to deal with every aspect of the process, so you can avoid errors that may affect your settlement. These are some of the most common mistakes to avoid in a high-asset divorce:
1. Accept a Settlement Too Quickly
It may be tempting to agree on a settlement and move on from the divorce, but this could have devastating effects on your finances. Before you sign anything, thoroughly analyze all terms and conditions. Don’t let emotions cloud your judgement.
2. Conceal Assets/Fail to Recognize Hidden Assets
Hiding assets and liabilities in a divorce is illegal, whether intentional or not. Failing to disclose all your assets will negatively impact your divorce and may even make you subject to criminal charges. On the other hand, if you believe your spouse is hiding assets, look through joint accounts or credit card statements for unusual activity. A financial investigator and attorney can help you take a closer look.
3. Disregard Tax Consequences
Significant tax consequences may be an issue when a spouse is awarded valuable assets, such as artwork, antiques, or a home. Alimony is also taxable income, so before agreeing to a settlement, consider what your budget will look like after taxes.
4. Fail to Consider Uncontested Divorce Option
Handling the divorce outside of court can be beneficial for both parties. If you are able to work amicably, you can save time, stress and expensive legal fees. However, if you cannot come to an agreement or you suspect your spouse is hiding assets, going to court may be your only option.
5. Fail to Hire a Lawyer
A high-asset divorce has many moving parts and there is no reason to go about it alone. An experienced divorce attorney can guide you through the complexities of the divorce process and protect your best interests.If you are dealing with a high-asset divorce, contact the experienced Clearwater family law attorneys at Tinny, Meyer & Piccarreto, P.A. Call (727) 245-9009 or contact us online for a free consultation.