Divorce is not only an emotionally taxing experience, but can be financially
complicated as well. Given the intense feelings you might be experiencing
during this time, one can easily make any number of financial mishaps,
especially if you are in the midst of a high asset divorce that involves
a substantial amount of money, property, or even businesses.
Here are some of the most commonly made mistakes you should avoid in a
high asset divorce case:
1.Hidden assets: This is a major mistake and you will likely be found out, which could
lead to both an unfavorable result in your divorce and criminal charges
as well. You do not want to risk the severe consequences of this action,
so never engage in this deceitful tactic.
2.Inaccurate accounting: When it comes to filling out the required information in your financial
affidavit, be sure to do so accurately and to provide the proper financial
documents. They can be used to figure out child support and alimony payments.
3.Failure to investigate: You might be honest and transparent in providing accurate financial information,
but that does not mean your spouse is extending the same courtesy. Do
not simply take his or her word for it and risk being taken advantage
of. Be sure to investigate your spouse’s financial disclosures to
confirm the veracity of their claims.
4.Lack of consideration for long-term effects: Always consider the big picture before fighting for assets or property.
It might be worth a lot, but it could also be associated with a fair amount
of taxes, expenses, and debt.
5.Agreed too quickly to a settlement: Everyone is eager to move on with their lives, but that does not mean
it is a wise decision to quickly agree to a divorce settlement, especially
if you do not fully comprehend the terms. It is crucial to understand
every document you sign or else you might face some troubling consequences later on.
6.Failure to hire a lawyer: Having a divorce attorney in a high asset divorce case is critical and
can save you money in the long run. He or she will help you navigate the
divorce process and ensure you do not make any avoidable and unnecessary mistakes.
Experienced and Compassionate Counsel in Westlake Village
Whether you are considering a divorce, or are already in the process of
filing, you will need a skilled divorce attorney on your side to protect
your interests. For more than 30 years, I, Jeffrey S. Graff, have assisted
countless individuals through the divorce process. I understand how stressful
this life-altering decision can be, which is why I am committed to helping
this transition go as smoothly as possible.
Contact my office today at (805) 633-4999 for a free initial consultation.