If you and your spouse are facing a high-net-worth divorce, you may be dreading what could be a long, drawn-out process. You may be willing to do anything just to get the divorce behind you.
Even if time is an issue, you should proceed carefully. Take a deep breath, keep your head and do not make errors due to haste. Here are five mistakes you should avoid in your divorce.
1. Feeling guilty
Perhaps you were the one who initiated the divorce. You want out of the marriage, so you feel guilty. As a result, you are willing to give up more than you should in terms of property division. Thinking of your divorce as a business matter will help curb those feelings of guilt.
2. Agreeing to anything
Do not be so anxious to get out of the marriage that you concede to almost anything your spouse wants. Being too agreeable will have a long-lasting effect and could be financially devastating to you.
3. Failing to hire an investigator
Maybe your spouse handled most of the money and investments in your marriage. If so, do not believe everything the opposition tells you now that divorce is looming. There may be hidden assets. You would be wise to hire someone to perform an analysis of your marital finances.
4. Forgetting about tax consequences
Do not overlook tax consequences. Remember that you will likely have to pay taxes on certain assets that come your way in the divorce settlement. Get someone knowledgeable and reliable to bring you up to date on the latest laws. That way, you can predict how tax penalties will affect both you and your spouse.
5. Listening to your friends
Friends may have some advice for you. They may mean well, but remember that every situation is unique. Your divorce and its outcome will be much different than theirs. Keep a clear head, resist rushing through the process and rely on your team of advisors. When you use patience and good sense, your future will be all the brighter once your high-asset divorce is over.