Whenever two people decide to divorce, they have to go through an exhausting and complicated process, one that costs both the money and time. However, when there are items involved, such as properties, businesses or other financial interests, things become even more complicated.
High asset divorces are very difficult to process, and if you are about to go through one, you should be well prepared. Here are the most common mistakes that you should try and avoid in a high asset divorce.
It is Not Your Fault
Whoever proposed a divorce or asked for it is more likely to feel guilty. When guilt kicks in, mistakes follow. If you are in the middle of your divorce and you get struck by a guilt trip, you will most likely end up giving away more than is necessary. Most people who feel guilty end up losing a lot from their divorce.
“It was my fault, she should get the house”. You may feel like it at the moment but in a few years, you will regret doing it. Be sure to consult with Fort Lauderdale Divorce Attorneys and seek their professional guidance and representation in order to protect your assets from divorce.
Agreeing out of Sympathy
No matter how you feel for your spouse, you have to stay strong and firm in your decision making. The worst thing that you can do is agree in haste, just to “get it over with”. Before you know it, you will give away your business, your assets, your properties and pretty much everything that you own. One way of avoiding a financial disaster is by consulting with your attorney before you do anything that may affect the outcome of your divorce, or before you sign any document or give a recorded statement.
Ignoring the Taxes
If you are awarded a property during a divorce, you may have to pay taxes for that property going forward. By ignoring the taxes, you risk causing additional problems with the IRS. You should always take tax consequences into consideration when going through a divorce, especially if there are high-net-worth assets involved. Even if you are granted alimony, taxes could affect the size of the alimony. Be sure to consult with a knowledgeable Divorce Attorney in Fort Lauderdale if you have no attorney on speed dial, and learn more about taxes and how to deal with them following a high asset divorce.
No Legal Support
All mistakes could cause you to lose something, but going through a divorce without legal help and support is one mistake you cannot afford. Without legal help and support, the chances are that you could end up losing your assets in a high asset divorce. If your spouse has an experienced attorney and you show up alone, you are in big trouble. There are many financial pitfalls, and it is only a matter of time before you end up falling in one. Begin the next phase of your life peacefully and stress-free; call our attorneys today and secure your legal support and representation ahead of time.