Is every divorce easy? Or are problems expected to occur in divorce, which is why you should be prepared for everything? When it comes to high-net worth divorce cases, there are many complications that you might experience, as these cases involve many different aspects than other divorce cases. When the finances are high, the tension is also high and you have many options as you move forward at this time.
We want to speak with you about the complications you might find and the mistakes that people most commonly make, so that you can hopefully avoid them when you work through your own case.
Mistakes in High-Net Worth Divorce Cases
Emotional Decisions: Usually one or both spouses will feel guilty that they are going through the divorce process. When emotions are high, this is when the poorest decisions are typically made. No matter what has happened in your marriage, it is a good decision to treat it like a business and take it seriously instead of allowing emotions to get in the way of everything.
Rushing Decisions: You never want to get a divorce ‘as soon as possible,’ even if it sounds like the best timeline for you to move on with your life. It is never wise to receive a speedy divorce, only because you could make financial mistakes that could impact both of you for the rest of your lives.
Hiding Assets: Many people who are high-earning spouses will try to get away with hiding income to cheat the other spouse out of their fair share when it comes to finances. This is a horrible idea because it is fraudulent in nature and the parties involved will be punished for it.
Tax Consequences: Many people fail to realize that there are tax consequences in divorce as well. If you agree to a certain amount of spousal support in your divorce, you will have to worry about paying taxes, too, which could be an added expense for you.
Comparing Your Divorce: Some who have been through divorce already might try to tell you that they have friends who were able to gain a lot in alimony and other finances, but this doesn’t mean that this will be true for your situation. The truth is, every situation is different and you have to be prepared for this. There are many variables, which means that the most you can do is talk to your attorney about your unique situation.
Are you involved in a high-net worth divorce case and you wonder how you can move forward with as many rights as possible in your case? We understand how important it is for you to be able to retain your rights and as many assets as possible during this difficult time. Call us for more information on how we can assist you at the Montes Law Firm.