High-asset divorces can be more contentious than most. There is so much at stake: Assets, real estate, money, businesses and more.
Even if you and your spouse have been butting heads, there are some steps that you can take to make the divorce process simpler for both of you. We have compiled several helpful tips that you can put to use in your high-asset divorce.
- Take your time to reach an agreement
Sometimes, you may feel pressured to get the divorce process over with as quickly as possible. After all, divorcing is not exactly a fun. But you would be wise to take your time when reaching a divorce agreement. Consider your options carefully—there is no need to be hasty. Take the time to reach the arrangement that is in your best interests.
- Be honest about your assets
Some people may be tempted to hide their assets during a divorce, but this is a huge mistake. Squirreling away your assets will only hurt your credibility in court—not to mention, it’s fraudulent. Take a detailed inventory of your assets and be honest about their value. If you are concerned about losing out in your high asset divorce, contact an attorney.
- Don’t forget about taxes
Perhaps the only thing less enjoyable than divorce is taxes. Nonetheless, you should think carefully about tax implications when dividing your assets. After a divorce, your taxes may be different from what you are used to. Taxes could significantly affect your alimony or the assets you have been awarded, to give just two examples.
- Unburden yourself from guilt
After putting time, effort and love into your marriage, you may feel guilty that it resulted in divorce. Don’t let this feeling weigh heavily on you. Guilt is one of the most common emotions in a divorce– you are not alone in feeling this way. Don’t allow guilt to get you down emotionally or motivate your decisions in the divorce agreement.
- Listen to professionals, not friends
During your divorce, lots of people may be giving you advice—some good, some not so good. The friends, family and co-workers who offer advice are well-intentioned, but you should always prioritize the advice of professionals over amateurs. Consult with a marriage counselor, attorney or financial adviser for sound advice about divorce.