High asset divorces are complicated because of the number of assets that need to be divided and the money that must be distributed between both parties. Multiple homes and other high-value assets and investments require accurate and thorough accounting and itemization. When dealing with this type of wealth, it’s easy for errors to happen during this part of the process. It’s important to take your time to ensure things are done correctly. Rushing through your property settlement and other aspects of your high-asset divorce can leave you regretful.
5 Mistakes to Avoid During Your High-Asset Divorce
We’ve compiled a list of the most common mistakes that lead to high-asset divorce problems.
Rushing Through the Settlement Phase: It’s easy to understand that you want to get on with your life, so rushing through the settlement phase is the easiest way to get through your divorce fast. Rushing through and accepting a settlement agreement before realizing if you’re getting the best deal possible can leave you financially ruined.
Hidden or Concealed Assets: It’s a crime to hide assets and liabilities during a divorce. It doesn’t matter if the act was intentional or an accident, so you must disclose all sources of income, assets, and liabilities. It’s also important to ensure that your partner discloses all their assets, income, and liabilities. If you think your estranged spouse is concealing assets, a forensic accountant can help.
Failure to Consider All Your Options: Just because you’re dealing with a high-asset divorce doesn’t mean it needs to be complicated in every respect. If you and your spouse both want a divorce, you can opt for an uncontested divorce. A mutual consent divorce is low or no conflict, and if you and your spouse can work together amicably, you can save money and time. A mutual consent divorce also removes much of the stress associated with a high-asset divorce.
Ignoring the Tax Implications of Your Settlement: There are significant tax consequences associated with most divorces. It’s possible to create a higher tax liability without realizing it. If you are being awarded high-value assets and alimony, you must be prepared for the tax liability on the items in your settlement agreement.
Failing to Assess the Valuation of Assets: Understanding the value of the assets in your settlement agreement is an important part of the property division phase of the divorce process. Both spouses need to agree on the final valuation of large or high-value assets to ensure that everyone is treated fairly.
Florida Divorce Attorneys Ready to Provide Legal Representation
When a couple has substantial assets that need to be divided before a divorce can be finalized, it’s important to secure the help of a licensed divorce attorney who understands the unique challenges of a high-asset divorce. If you are attempting to negotiate with your spouse to finalize the terms of your divorce, but you’re not having any luck, the attorneys at Tinny, Meyer & Piccarreto, P.A., can help you formulate a new strategy to reach a mutually beneficial conclusion. We can also answer any of the questions you may have about your divorce options. Call us at (727) 245-9009 to schedule a consultation.