Going through a divorce is not easy. This is especially true of high net worth divorces, where a large amount of money, property, businesses, assets and other items are at stake. A high net worth divorce can have a much higher potential for mistakes on both sides. Here are 3 mistakes often made in high net worth divorces.
Mistake #1 - Agreeing to Anything Just to Get the Divorce Done
“I have to get out!” Clients usually say this to us for one of two reasons. The first reason is “I can’t stand my spouse - I will give them anything to get away from them!” The second reason is often “I want to be with someone else, so I have to get divorced immediately." However, agreeing to terms such as alimony or division of assets and liabilities just to get away from your spouse can have devastating effects on you financially. Therefore, it is important that a thorough analysis be taken before finalizing your divorce.
Mistake #2 - Hiding Assets
Some spouses think they are clever and transfer their valuable assets to another person such as a business partner or child from a former marriage. However, transfers like these can (and most likely will) be set aside as fraudulent and you will have lost the most important thing you have in a courtroom – your credibility. From that point on you are in a losing position for everything else related to a reasonable divorce settlement.
Mistake #3 - Getting the "Toughest" Lawyer
Unfortunately some people think that a lawyer who is difficult and nasty is the “best lawyer." The truth is that this type of lawyer is making himself money at your expense. Lawyers are your advocates and are hired to represent you zealously to the best of their ability – not to start fights so they can enrich themselves at your expense. A good lawyer will fight hard for you, but will not provoke or extend a fight that isn’t in your best interests.