It’s no secret that divorce is a stressful and lengthy process. Your finances and property will be re-delegated among you and your spouse, and you may have to create a schedule for visiting your children.
In a high asset divorce, you’ll likely have more items of concern, and you may be inclined to cut some corners in order to end the process sooner. However, this can be a potentially harmful thing to do, as it will impact your future following the divorce.
What are some mistakes to avoid during a high asset divorce? We will discuss three errors in this post.
1. Improperly recording your assets and liabilities
It can be a cumbersome process, but filling out the financial affidavit correctly during divorce is important to ensuring you don’t lose anything you’re entitled to. Likewise, it ensures you don’t get stuck with liabilities that aren’t yours.
2. Concealing assets within a third party
You may think you’re being sly by hiding assets within a third party, but in reality, you’re setting yourself up for a loss. Such actions could be considered fraudulent and lose your credit in the courtroom. Be honest and straightforward during the process to avoid escalated conflict.
3. Not investigating
The lengthy divorce process can make you want to speed things up by accepting that everything is already on the table. However, now is the time to hire an investigator to see that there are no other assets or investments to which you could be entitled.
There is more to consider during a high asset divorce than a non-high asset divorce. Though the process is stressful, it’s important to remain alert and complete everything thoroughly. Not doing so could have a long-lasting financial impact on your new life.