Divorces involving significant and complex assets are not like other divorces. There is much more at stake financially. If the right experts are not used and if an experienced legal team is not leveraged, you stand to lose a great deal. Here are some of the most common mistakes that you must avoid during a high-asset divorce.
1. Acting Quickly Just to Move On From the Divorce
Divorce can be one of the most challenging experiences you encounter in your lifetime. However, it’s important not to rush through the process and make rash decisions. Your lawyer is working to protect your future.
If you accept less than you should just to “get the divorce over with,” you’ll regret it days, months and, perhaps, even years down the road. Take the time to have your attorney negotiate a favorable outcome for your protection.
2. Overlooking Marital Assets
As part of your divorce, you’ll likely be required to submit financial records. You and your spouse will be required to share financial documents with each other and the court, including an inventory of all your property. This can feel tedious.
It’s critical that you pay attention to all the details and don’t omit anything. Making a mistake or omitting an asset—no matter whether it’s an accident or on purpose—can lead to serious consequences.
Likewise, your legal team should review your spouse’s financial documents very carefully. The court can only split what it knows about. If you believe that your ex may fail to fully disclose every asset, an expert can review the financial information to help reveal hidden assets.
Telltale signs include large expenses you didn’t know about before, inconsistencies in tax records and unfamiliar brokerage accounts.
3. Hiring an Inexperienced Legal Team
If your divorce involves complex assets, you’ll likely encounter unique issues that an attorney who does not regularly handle high-asset divorces has never seen before.
Your lawyer may not have experience dividing a closely held company or partnership or valuing income from high-profile careers, executive compensation packages, investments or other property.
The best way to protect your interests is to work with a legal team that knows high-asset divorce. Your lawyers will be able to leverage existing relationships with forensic accounts and other financial experts. They will be able to look for telltale signs of hidden assets. And they will know what to negotiate for on your behalf.
Reach Out to Albin Oldner Law, PLLC Today
It’s easy to make a mistake during a complex divorce when you do not have an experienced attorney on your side. To protect your rights during a high-asset divorce, give us a call at (214) 225-4325 or send us a message.