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.