When it comes to high-asset divorces in Columbus, many people do not realize how easy it is to make mistakes. If you are contemplating leaving your partner and there is a considerable amount of assets involved, you might want to take some time to strategize your next steps. According to FindLaw, “mistakes can make the divorce process more complicated and painful than necessary.”
Regardless of what your goals are for divorce, you should consider the impact potential settlements may have on your post-divorce life. Take some time to review the following mistakes that commonly occur in high-value divorces.
Not reigning in the emotions
Divorce brings out the worse in some people. There is nothing wrong with feeling angry, hurt and guilty about the situation. But you must not let those emotions cause you to lose grip on reality and your divorce. You will need to make important decisions that will affect you long after the divorce is over.
Hiding assets
In many divorce situations, especially ones involving high-net worth individuals, hidden assets become an issue. Some people do not want to give up certain assets and transfer them to other people, like their kids and business partners. Other tactics people use to hide assets include hidden bank accounts and large purchases. If you suspect your partner is hiding assets or is not being truthful about their finances, you might want to hire a forensic accountant to help you discover them. You can also ask the courts to use the discovery process to find them.
Not taking marital debts into consideration
Divorce means the dissolution of marital assets. It also includes debts. You should not overlook your joint financial obligations. Contact your creditors and financial institutions to inform them of your separation and ask them to remove you from the accounts. If necessary, open your own accounts. Try to pay down as much marital debt as possible before the divorce so you do not have as much to pay off after everything is final.
Listening to unsolicited advice
Once your friends, colleagues and family members learn about your divorce, you might receive a lot of unwelcome advice. No two divorce situations are alike. It is important for you to get your guidance from professional sources. If you need guidance, you should meet with a financial advisor and attorney.
High-value divorces are often complicated. In order for you to get the best possible outcome, you must stay focused, make good decisions and avoid making mistakes.