Mistakes can occur along the way in any divorce. It is one of the most difficult situations in the life of any family.
However, couples with high net worth and significant assets often face additional challenges.
Navigating legal proceedings, while considering holdings and taxes of real estate business, can be overwhelming and difficult. Add in the tension most couples feel while they are ending their marriage, and it’s easy to see how mistakes are made.
Unluckily, when mistakes occur during the divorce process, the results can last a lifetime.
The divorce process is quite difficult and has its specifications in any state of the USA. Today, we’ll talk about a divorce process in Illinois. If you have significant assets and property, it is important to avoid these top divorce mistakes.
1. Hiding Assets
When couples have significant property and money, one spouse may attempt to hide some of those assets in an attempt to get ahead. They may transfer ownership of a property to a friend or family member, or open separate bank accounts.
Diverting funds from the marital account is not fair, and courts can impose penalties against those who hide assets or fail to disclose them prior to distribution. Hiding assets is not worth the risk.
So remember – be honest and upfront during the divorce.
2. Accepting a Settlement Offer
Divorce is never easy. It is a stressful, anxious time for many couples and it’s quite hard to feel happy during the process. As such, many divorcing couples accept a quick settlement in order to speed up the divorce process or make it go smoothly. This is often not in your best interest.
When couples own significant property and assets, it makes sense to take your time to craft a divorce document that protects you and your future. A quick settlement may not take everything into account.
As a result, you could be accepting too little or paying too much.
In addition, the future tax implications of your decisions may not be fully understood. This could impact your future and your financial freedom for years to come.
Never agree to a settlement without first speaking to your divorce attorney.
3. Not Investigating Assets
Couples going through a divorce may not think to investigate whether their spouse is hiding assets from them. Even if you still trust your soon-to-be ex, you must investigate if there are any unknown marital assets that need to be accounted for.
Don’t be shy, ask help for your divorce attorney. They can help you uncover hidden assets and property, so you can get the settlement you deserve.
4. Letting Emotions Rule
Divorce is a highly emotional time. There are often mixed feelings of anger, guilt, shame, and remorse.
There may be hurt feelings and a lack of trust at the core of the divorce, further complicating matters. When there are significant assets involved.
However, it’s important to avoid letting your emotions cloud your judgment.
Decisions made during the divorce process on the division of assets and property can affect your entire future and the future of your ex. Remember that making decisions with the help of an experienced high net worth attorney will help you make ensure that any division of property or accounts is made fairly and in accordance with the law.
5. Not Considering Taxes
When going through an expensive divorce process, it’s important to understand the tax consequences you will face. Dividing assets and spousal support will have tax implications.
If you withdraw from your 401(k), it’s important to understand how early withdrawals will be taxed. An experienced attorney can help you explore the tax implications of your divorce and how those decisions will affect your future.
6. Not Hiring a High Net Worth Attorney
Divorcing couples may believe that they can do the divorce themselves, or that any divorce attorney will do. This is far from true.
Couples with business interests, real estate, large retirement accounts, and investments should choose an attorney with knowledge, huge experience, and valuable resources needed to tackle these highly complex divorces.
Also, divorce can be more complicated when couples have a considerable amount of assets and investments.
High net worth divorces need special consideration. Keep in mind that you shouldn’t deal with the situation without the help of an experienced Barrington (Illinois) high net worth lawyer. When there is so much at stake, it’s important to take the time to invest in your divorce and in your future.
Note: To learn more about divorce, child support, or parental rights, you can call Barrington law firm. Call Manassa Bojczuk, P.C. at (866) 420-5925 or fill out their confidential contact form for a free consultation with their experienced and compassionate Barrington divorce lawyers. They provide all the best services possible at both offices – Crystal Lake and Barrington offices.
James is the Founder & CEO of GurusWay.com. Majoring in Business and other life-changing sectors, James covers helpful content and shares his experience with the targeted audience.