Mistakes in High Asset Divorces

Mistakes in High Asset Divorces

Posted By R. Gregory Colvin LLC || 13-Sep-2017

Divorces can be painful and costly, no matter how many assets you own. High asset divorces, however, often come with an extra layer of complexity. Navigating the divorce process is a challenge, but these common mistakes can cost you dearly during your high asset divorce.

Making Rash Decisions

Emotions often run high during the divorce process, but you shouldn’t allow them to get the best of you. Take the time to give some thought to any terms of your divorce before agreeing to them. If you need help, your divorce attorney can help you make decisions in your favor, and protect your financial future. Don’t walk away with anything less than you deserve, simply because you want out of your marriage.

Hiding Assets

It can be tempting to stash a little something extra away to protect it from your divorce, but this is not a good idea. You are required to disclose ­all assets during your divorce. It is highly unlikely that you will be successful, and once you are caught, your credibility will be destroyed for the remainder of your case. It is also possible that the judge may punish your deception by awarding you a far smaller share of the marital assets.

Failing To Look for Hidden Assets

Hidden assets are a common issue in high asset divorces. Because the court can only divide known assets, you may lose a considerable amount if your spouse hides assets. If you suspect your spouse may try to hide assets, get copies of all financial records, including credit card statements, bank statements, investment information, business financial records, and tax returns. Your attorney may enlist the help of a forensic accountant to analyze your marriages finances for signs of fraud or hidden assets.

Ignoring Tax Implications

Your future will involve taxes, so it is important to understand what your settlement could mean for you when tax season comes. Your filing status will change dramatically, and you may receive a serious financial burden, depending on the outcome of your division. Not all assets are taxed the same, so your home may be taxed differently than your early withdrawal from a retirement account. You may end up paying far more than expected in taxes. Your divorce lawyer can help you understand the tax implications your settlement can have.

Failing to Hire an Experienced High Asset Divorce Attorney

Your attorney is your ally and advisor throughout the divorce process. They should have the experience to fight for your best interests, no matter how complex your divorce case is. It is important to hire a lawyer who is not only well-versed with divorces, but also with high asset divorces. Don’t be afraid to ask if they have handled cases like yours before.

R. Gregory Colvin has advocated for families for more than 25 years. Our Orlando high asset divorce attorney has the resources and experience to pursue the best possible outcome for your case. We balance peaceful solutions with a commitment to your best interests, so you can be confident that your case will be resolved with less stress and more satisfaction.

Schedule a free consultation with our founding lawyer today. Contact our team online, or dial (407) 603-3460. Our team can be reached by phone 24/7.

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