Though divorce can be a complicated process for anyone, you have additional issues to consider as part of a high-income couple.
It is easy to make mistakes in the turmoil of ending your marriage, but those mistakes could be costly. Here are some common missteps to avoid in your high-asset divorce.
Forgetting to account for taxes
Like many people, you might forget to consider the tax implications associated with your divorce. The tax burden you face could quickly become unmanageable when you are dealing with valuable assets and investments. To ensure a truly equitable separation, you should carefully account for taxes as you divide your marital property, not after.
Hiding assets or income to procure a more favorable outcome for yourself can land you in legal trouble. Make sure to provide an honest representation of your economic situation. You should also carefully monitor your spouse’s activity for signs that he or she is attempting to distort their financial circumstances.
Failing to get proper evaluations
Financial valuations for businesses, real estate and other valuable property can be extremely subjective. To help ensure a fair measure of marital assets, you should hire your own independent valuation experts.
Rushing through the divorce process
Because ending a marriage can be messy and emotional, you may want to get the process over with as quickly as possible. However, patience is particularly essential if you want to avoid unfavorable terms.
For separations involving high-value assets, you will need a strong legal strategy to ensure an equitable divorce where your interests are fairly accounted for.