Divorces can be stressful and messy. When it comes to divorce, you may be worried about everything from your home, possessions, pets and of course the children. Divorce is never the same for everybody. Some get through it relatively easy while others are clawing at each other every moment to the end.
If you are part of a high-net divorce, you are in a unique position that many other couples do not experience. Being in this situation can lead to mistakes that may end up costly and devastating. With valuable assets on the line, here are some mistakes you should avoid.
Having your emotions speak for you
Because divorce can be painful, feelings of guilt, hurt and anger can overwhelm you. It is easy for these emotions to take control and come to the forefront. A solution can be looking at your divorce like it is a business dissolution. Continuing to let your emotions rise up and dictate your decision making will likely give you less favorable results.
Rushing to the end
It is not uncommon to feel that you just want the divorce to end as soon as possible. It is not easy to be right in the middle of a lot of uncertainty. You may even have post-divorce plans you are anxious to begin. However, rushing through a divorce can lead to costly mistakes. One thing about high-asset divorce is it is usually time consuming. Resist the urge to move something along quickly in hopes the finish line shows up faster.
Many times during a wealthy divorce one spouse will try to hide assets. This often happens when one spouse feels the asset is theirs and does not want to share. The problem with trying to hide assets is that if it is found out, it can end up penalizing you when the judge is awarding property.
Not knowing your spouse’s assets
When one spouse is the higher-wage earner, they may be the one who oversees the finances. If you are the lower wage earner, you may want to make an investment and have an investigation done to get a thorough understanding of all the assets. This way, you can be fully knowledgeable of what you may be entitled to.
Comparing your divorce
Did your best friend get a divorce last year and you though they made out great? There is probably a lot you don’t know. You may have even received some advice from a recently divorced friend, but that may end up unreliable because every divorce has different variables and circumstances.
Dismissing collaborative divorce
There is no reason to pass on collaborative divorce just because you may have the means to afford litigation. You may find you benefit from the collaborative process, especially if you and your spouse have already been negotiating on good terms. A collaborative divorce can also be less expensive and faster.
A high-net divorce can have its unique challenges, but it does not mean it will automatically be a horrible experience. With knowledge of the process and a little patience, you can navigate through it with satisfying results.