Divorce is never an easy decision, and often emotions can cloud your better judgment. That’s why it is important to consider your options before you head to court. This is especially important for high net worth individuals who have a lot to lose.
Do you know what to avoid doing to make your divorce less stressful and easier in the long-run? Below is a list of the top 10 mistakes to avoid during your divorce.
If you are the one asking for the divorce, it is likely you feel guilty for doing so. Just because you feel bad is no reason to hand over more assets than necessary to make yourself feel better.
If you’re the one being pushed into divorce, you may feel a great deal of anger and want to get revenge. While this is understandable, it doesn’t always lead to the best decisions, so try to set your anger aside.
Only Working with a “Bulldog” Attorney
While you do want someone to fight for your best interests, you don’t want an attorney that is going to fight just for the sake of fighting. The only one in this situation that profits is the attorney.
Hiring the Wrong Attorney
Be sure to find an attorney that is going to listen to you and help you through this experience. There are many landmines ahead, and your attorney needs to know how to defuse them before they go off.
Taking Advice from Your Friends
So your best friend just went through a divorce and wants to give you advice. The problem is no two divorces are the same, and what worked for your friend won’t necessarily be the right option for you. Instead, ask for emotional support, but don’t take divorce advice from anyone but your attorney.
Not Investigating Your Options
In high net worth divorces, it is common that one party may be hiding assets. Be sure to investigate up front to determine if this is the case for you.
Forgetting to Consider the Tax Consequences
When you consider alimony, don’t forget that it will be taxed as income. Also, some distributions may be subject to taxes.
Forgetting Assets and Liabilities
Make sure you include all assets and liabilities on your financial affidavit and have all the documentation you need.
It is understandable that you may want to keep something just for yourself, but this will lead to you losing it if the court finds out. In addition, you will be viewed negatively throughout the rest of the proceedings, and this can have a negative impact on what you are awarded.
Finalizing Your Divorce as Quickly as Possible
Some people are ready to hand over everything just to get the divorce behind them. Don’t do this. After the dust has settled, you will regret it and then it will be too late.
Mistakes are common during divorce. However, understanding the most common mistakes can help you make informed decisions to protect your future. To protect your best interests and to avoid these common mistakes, seek the advice of a qualified attorney that has experience with high net worth divorces as soon as possible.