Common Mistakes in a High-Asset Divorce
Divorce is rarely easy in any situation. It can be even more challenging, however, when there are substantial amounts of money or valuable property involved. The complexities presented in a high-asset divorce can lead to months and, in some cases, years of complications as a single mistake can literally cost you millions of dollars. Unfortunately, many people in the midst of a high-asset divorce fall victim to certain, common missteps that an experienced divorce lawyer can help you avoid.
Mistake #1: Not Understanding the Big Picture
If you and your spouse have a large amount of assets, you may have a team of professionals working for you to protect and maintain your wealth. In many cases, those with substantial assets often do not know exactly what they own or where their money is. Their trust in a financial management team has left them somewhat in the dark about the overall big picture. Before proceeding with a divorce, you should work with your lawyer and an independent financial professional to help you fully understand the situation. You need to know what you have before you can know what to ask for in the divorce.
Mistake #2: Running Right to the Courtroom
It is a common misconception that the courts will automatically know just how to handle a high-asset divorce. The reality is that the outcome of a litigated divorce may be very different than what expect. Difficult though it may be, you can exercise more control over your high-asset divorce by negotiating with your spouse or by utilizing mediation. You can create a customized divorce settlement that addresses your concerns meets your unique needs.
Mistake #3: Acting on Non-Professional Advice
During a divorce, your friends and family can be a boundless source of emotional and moral support. They can help you to stay strong in spite of challenging circumstances. While such support is certainly welcome, friends and family members will frequently offer their opinions about what you should do regarding divorce strategies. Taking this advice is not usually a good idea, especially if the person giving it is not qualified in that particular area. Rely instead on the counsel of trained financial and legal professionals.
Get the Help You Need
When you are thinking about divorce, one of your first steps should be to contact an experienced Orland Park family law attorney. Before you make such a big decision, it is crucial to understand the law and its implications. Call 708-518-8200 for a free consultation with Kezy & Associates today.