While every divorce has a lot at stake, high-asset divorces present their unique problems. The financial future of both couples hangs in the balance when you decide to get a divorce, especially if no prenuptial agreement was crafted before entering into the union.
Depending on your steps, you can either start your new life on a sound footing or experience financial complexities post your high-asset divorce. When dealing with multiple complex marital estates, the stakes and risks increase. Mitigate the chance of making costly mistakes by hiring a competent divorce lawyer experienced in complex high-asset divorces!
Whether you have got substantial retirement savings, inheritance properties, a valuable art collection, or other expensive items that make high-asset divorces a tough feat, David R. Phillips can help you negotiate high standards of living so both parties come to an agreement without complications.
Acknowledging each other's contribution toward the marriage as well as the willingness to compromise, impacts how challenging the high-asset divorce will likely be. Call 219-929-7060 for further assistance from our knowledgeable family law attorney.
Mistakes to Avoid in High-Asset Divorces
#1- Do Not Agree to Unfavorable Terms Hastily
Many people who rush to get divorced consent to anything just to get past this emotionally overwhelming and heated time. Try to stay calm.
If your or your spouse entered the marriage with substantial wealth, consenting to anything just to expedite the process can have a negative impact on the settlement.
Many people tend to give up assets in a mad dash without any further closer inspection. Do not be reckless or impatient to wrap things up.
#2- Do Not Act Out of Spite
Bitterness, anger, hurt, and feelings of resentment often cloud people's judgement when their marriage is ending. Spouses want to punish or lash out at their exes through nasty terms when getting divorced.
While such feelings are natural, understandable, and cathartic, they do not make for a feasible divorce strategy. A conflict-heavy approach where you want to fight about each small detail takes time and costs a lot of money. Do not make rash decisions that can come back to bite you later!
#3- Do Not Hide Assets
While it may seem tempting to hide them, you must disclose all assets when getting divorced. People suffering from contentious breakups often transfer money or ownership to others to conceal them deviously so they do not have to share it with their ex.
Some people also divert funds from the joint account to their personal accounts. The consequences can be severe when judges or opposing divorce lawyers uncover hidden assets. Your case can lose credibility while the chances of a reasonable settlement reduce significantly.
#4- Do Not Settle for Inexperienced Lawyers
High-asset divorces are complicated. It is usually in your best interest to work with a family law attorney who understands the complexities of your unique case rather than spoiling it for a legal fistfight.
However, the attorney must be equipped to represent you fiercely and practically, especially when multiple high-net-worth assets are involved. Choosing an experienced family law attorney early in the process can help protect your rights from the get-go.
If you have concerns or questions regarding your high-asset divorce, please reach out to David R. Phillips for a consultation. Contact us for personal injury, family law, and criminal law cases.
Whether you need an expungement lawyer, DUI or OWI lawyer, criminal defense lawyer, or family law attorney for conflicts arising from divorce, alimony, child custody, and support, grandparents' visitation rights, and parenting time, you can rely on us for fair and competent legal representation.