Amid the stresses of current times, divorces are increasing at an alarming rate which is pushing more people into the realm of poor mental health. Other than the emotional dimension, a divorce also has a financial dimension to it because it calls for the division of assets belonging to both the spouses. It does not constitute a big issue in marriages where limited assets are involved as the division is pretty straightforward.
But, in high asset divorces, property settlements and distribution of finances play a vital part, and can leave a spouse in a considerably disadvantaged position if not handled properly. Such divorces are pretty common among successful real estate investors as they have a lot of possessions, and require competent lawyers. We have discussed here four mistakes that must be avoided during a high asset divorce so that you do not find yourself at the wrong end of the bargain.
Moreover, Divorces impacts considerably not only on your emotional well-being, but also your finances. It depends on what choices you make, which can either help you on sound footing or can begin your new life with a financial hole. The risk increases to a great extent when you are dealing with the multiple properties related to your divorce. This way, you may make multiple mistakes.
Acting Out Of Haste
Divorce is not only a time of emotional instability, but it also is a time of financial and economic uncertainty, especially if you are tangled in a high asset divorce. Often does it happen that people want to be done with this process as quickly as they can, and end up making rash decisions. Such decisions may lead to uneven distribution of resources, as you may have to give away more assets than you have to.
Therefore, take a bit of your time to settle your emotions and approach this whole phase with a bit of pragmatism. Reflect on offers from the opposite counsel, and take your time to evaluate the pros and cons of the offers so that an even distribution of assets can be ensured.
Acting Out Of Anger
Like haste, anger is not your friend as well, especially when it comes to making important decisions in your life. You may have a toxic marriage and want to punish your spouse, but it is not a reasonable way of splitting the assets because it can end up harming you. Making decisions out of anger will take the logic and reasonability out of the negotiations, and you may also experience the same kind of hostility from the opposite side as well.
The result will be a bitter and long-drawn divorce, which will put a burden on your common finances because both the spouses will be taking money from the same well. Therefore, keep your emotions in check while executing something as pragmatic as the distribution of assets.
Hiring A Tough Lawyer
The kind of lawyer you hire tells a lot about the kind of divorce you want. If you are looking for retribution in a high-asset divorce, you will end up hiring the toughest and meanest lawyer you can find. You may think that it is a strategy that will fulfill your requirements, but this strategy can be as damaging as the retributional mindset we have discussed above.
The best lawyer for high asset divorces is the one who has the most experience, and understands the nuances and the flexibilities required to execute such divorces. As a result, he will not only help you in legal matters, but he will also act as a much-needed financial counselor for you during the tumultuous time of divorce.
Trying To Hide Assets
Divorce proceedings legally require both the spouses to disclose all their properties, so that all the assets are pooled into a common stream, and then distributed fairly. During the high asset divorces, it is fairly common for one or both the spouses to have the temptation to hide their valuable assets. Some of them actually go through with this deceit by transferring their properties to any third party. But, it is an incredibly bad idea because opposing counselors are well aware of these strategies, and you can get severe financial punishment as a result of this misdemeanor. Read more at a real estate investor divorce lawyer in Ohio.