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2 mistakes that could cost you in a high-value divorce

On Behalf of | Apr 2, 2018 | Asset Divison |

If you live in the Sussex and Warren County area and are in a high-value marriage and thinking about divorce, you do not want to rush and make rash decisions. When there are high-value assets at stake, it is not always easy to settle a divorce. Issues are likely to arise when it is time to decide the division of marital assets, child custody, and alimony and child support.

You might be feeling many emotions as you struggle to come to terms with the situation. Your feelings can affect your thinking and cause you to make mistakes during the divorce process that could lead to an unfavorable outcome. There is nothing wrong with you feeling angry and confused. Stay calm and consider the following high-value divorce mistakes to avoid.

Hiding assets

In divorce, each person must fully disclose his or her financial assets and property. This includes bank and retirement accounts, investment information, life insurance policies, and debts. Though you might not want to split or share certain assets and property with your soon-to-be ex-spouse, you should not hide assets to keep them from knowing about and receiving their fair share. Hiding assets is illegal and unethical. If you the court catches you, you could end up with a divorce settlement that is not to your liking.

Letting your spouse take advantage

There might be many reasons you want to leave your spouse. You might feel so relieved that your relationship is finally over and ready to agree to any potential agreement that you see. Though this can help speed things up so you can move on, you could end up with less than what you came into the marriage with or having to give up more than what is fair to your spouse. Regardless of why you are separating and how you feel, fight for what you believe you deserve and is fair to ensure you get a divorce settlement you can live with.

In high-value divorces, it is best to have a plan in place to protect your interests and ensure you do not run into complications that cause delays and conflict. Consider working with an attorney for guidance. You should also weigh the pros and cons of any settlement offer to ensure you make decisions that benefit your post-divorce finances and lifestyle.