High-asset divorce can be a legal minefield – but if you’re smart, you’ll avoid these three common mistakes that many people make.
3 Common Mistakes People Make in High-Asset Divorces
First things first: If you’re facing a high-asset or high-net-worth divorce, you most likely need a Milwaukee divorce attorney by your side during the entire process. Once that’s out of the way, here are the three things you need to focus on:
- Properly valuing businesses and other interests
- Checking to see whether your spouse is hiding assets
- Making sure you’re not agreeing to anything just to get it over with
Properly Valuing Businesses and Other Interests
In many high-net-worth divorces, couples own businesses or have other interests together. These must be properly valued – and that requires an expert’s help. You’ll need a valuation expert to ensure that your business, shared retirement assets, trusts, or real estate holdings are recorded at the appropriate value; otherwise, you’ll regret it later.
Checking to See Whether Your Spouse is Hiding Assets
Although hiding assets during a high-net-worth divorce (or any divorce, for that matter) is illegal, that doesn’t stop many people from doing it. Your divorce lawyer will tell you that you need to tell the truth about all your assets, and your soon-to-be ex-spouse is supposed to do the same. You need to check up on your spouse to make sure he or she is providing documentation for all assets and hasn’t transferred any to a third party to avoid having them used in court.
Making Sure You’re Not Agreeing to Anything Just to Get It Over With
It’s completely understandable that you want your divorce over with as quickly as possible – most people do. However, that doesn’t mean you should agree to everything your spouse wants so you can close this chapter and start the next. Your lawyer will ask you to outline your needs and wants before you even begin the process, so listen to his or her advice when it’s time. Your attorney is looking out for your best interests, both now and in the future.
Do You Need to Talk to an Attorney About High-Asset Divorce?
If you’re contemplating divorce or you’re ready to file (or your spouse has already filed), call us right away at 414-383-6700 for a divorce case review. We can help you through this difficult process, from start to finish, and we’ll look out for your best interests every step of the way.