5 Pitfalls To Avoid During Your High Asset Divorce
A high asset divorce is defined as one with one million dollars in marital assets subject to distribution. This is typically a divorce between couples who own luxury cars, a family home, or complex assets. Usually, high asset divorces are more complex than ordinary divorces.
Given how much is at stake in a high-asset divorce, it is crucial that you avoid making certain mistakes if you’re going through such a divorce. One mistake is enough to leave you facing an unfavorable outcome in your divorce case.
We want to help you get the best outcome from your Florida high-asset divorce. So, below, we provide five pitfalls you need to avoid during your high asset divorce.
Moving Too Fast Through the Divorce Process
It is understandable if you want to get done with the divorce process as quickly as possible. Nonetheless, it’s in your best interest to avoid moving too fast. If you move too fast through the divorce process, you could end up making hasty decisions that are not in your financial interest. Also, dividing assets in a hurry is usually a bad idea. Before you make any decision, take time to think about the financial implications of that decision. If you make hasty decisions, you might end up being awarded too little or being made to pay too much.
Failing to Properly Valuate Assets
Do not risk devaluing assets by using estimates. It is best for you to enlist the help of professional appraisers. If you want to receive a fair share of the marital estate, you should retain experts who can help with the valuation of assets. Enlist experts who can help you appraise all assets, from rental properties to jewelry. Failing to properly appraise assets can result in one spouse getting more than their equitable share of marital assets.
Overlooking Marital Debt
You might find yourself only focusing on the division of marital property and forgetting that marital debt is also divisible during a divorce. It is crucial that you don’t overlook marital debt. If you do, you might end up burdened with debts that shouldn’t be yours to pay.
You might be tempted to hide an asset to avoid losing a beloved possession or significant asset. Or you might be tempted to hide an asset because you believe that it solely belongs to you. Hiding assets is a grave mistake that could result in you facing legal consequences. If you hide an asset and it is discovered that you hid the asset, you could be left receiving less than what you deserve.
Assuming the Other Spouse Has Not Hidden Assets
Lastly, you must avoid assuming your spouse is not hiding assets. As already hinted, spouses conceal assets for many reasons. You need to consider whether your spouse is hiding assets. If you discover your spouse is hiding assets, you will have saved yourself financial losses. If you find they are not, it’s no loss.
Contact an Orlando Divorce Lawyer