Divorce cases can really go in any direction. You see, your divorce may go smoothly to the point where you are able to divide assets completely and come up with a parenting plan. However, your case may go South right before your eyes and end up in litigation in front of a judge. If you are part of a high net worth divorce and you believe there are some matters that need resolved, you should always seek the help of an experienced attorney. You can also learn some tips on your own about how to deal with a high net divorce involving various assets.
Mistakes That Are Commonly Made
Far too often, those involved in high net worth divorces are ashamed and embarrassed by their cases and will allow emotions to get in the way. However, when much is on the line, these are not the tactics to use. Here are some of the most common mistakes to avoid in these divorce cases:
Couples will agree to anything just to guide the divorce along. Yes, litigation or mediation can be very time-consuming, but that is the point. Many people will arrive and say that they can’t stand their spouse and will give them anything to “break even” and be done with the process. However, alimony, division of assets, and liabilities are crucial and should always be taken seriously. It is important to speak with your attorney and address these issues before you go giving financial aspects away and much more.
Some parties will hide assets, thinking they will get away with it. If you are going through a divorce, the last thing you want to do is hide assets. If you believe that you won’t be “found out” transferring assets to a third party, you should think again. When it is discovered that you have hidden assets, your credibility in the courtroom will be lost and a judge will no longer take your word at face value. Furthermore, you should always account for your assets and liabilities by filling out a financial affidavit and providing the necessary financial documents. This is the easiest way to assure that everything is accounted for.
Some partners let their anger get in the way, or think that the “toughest lawyer” will solve all of these divorce issues for them. If you are part of a divorce and you are “landing one party in the hole” through your anger, you must realize that this is your money spent, too. Putting anger aside can help you make better financial decisions with a clear mind. A difficult and nasty lawyer, however, will not do much for you in the long run, either. These angry and hotheaded attorneys will make you spend your money for results that may not be desirable in the end. A good lawyer will fight alongside you for your rights, not provoke fights against the other party
Should I Consider Litigation or Mediation?
Litigation may be your style if you have large and complex assets that need divided, or if there is animosity between the parties that makes mediation impossible. You will probably want to choose the method that helps you retain the greatest amount of your fortunes as possible. However, if you believe that you and your ex-spouse can work together and divide the assets as calmly as possible, then mediation is probably the best route for you. It is unlike litigation in the way that it is not a long, arduous process in many cases and does not offer the same negativity that litigation does. Mediation can be helpful in assisting the couple when it comes to problem-solving as well as leaving decision-making to the parties instead of the court.
Regardless of what you decide in your high net worth case, there is a divorce option out there for you. Find out more about your case today by calling an experienced divorce attorney who works for you, at The Law Offices of Amy M. Montes.
