While divorce is rarely easy, it is often made even more complicated when there are substantial amounts of assets or money involved. These complexities can lead to months, or even years of legal wrangling since one mistake can literally cost a person millions of dollars.
With a large marital estate, the stakes are high. Decisions can affect child and spousal support, the division of property and much more. As your long-term financial well-being may be on the line, it is easy to make mistakes. An experienced attorney can help you avoid costly missteps, including the following:
- Not understanding the big picture: If you and your spouse have a large amount of assets, it is likely that you have several professionals working on your behalf to manage and maintain your wealth. Consequently, you may not know exactly what you own or where your money is located. It is important to meet with a lawyer and financial advisor to understand what you have and what you should ask for during your divorce.
- Remaining unaware of hidden assets: All assets must be disclosed during the division of property. However, this doesn’t always happen. To avoid sharing equitably with their ex-spouses, some people will transfer money and property to a third party such as a relative, a paramour, or a business entity. This is especially tempting in divorces when a great deal of money is at stake or there is a great deal of tension between the parties. Legal and forensic professionals can help you uncover hidden assets. The person trying to stash or “loan” away money is often caught, thereby risking the loss of his or her credibility for the remainder of the proceeding.
- Disregarding tax implications: In the thick of the divorce process, it is easy to overlook the tax implications of your divorce. In high-asset divorces, this can be especially damaging since your filing status may change dramatically because of the demise of your marriage. An experienced divorce attorney can help you avoid acquiring a substantial financial burden for the property or assets awarded during your divorce.
- Basing decisions on emotions: Anger is a great motivator, but striving to make the other person pay for their misdeeds often backfires. While it may provide an initial feeling of satisfaction, the end result is that your money is also being spent and further proceedings can be harder to navigate. Though it may seem harsh, approaching divorce proceedings as a business transaction is the most beneficial way to move forward.
- Not contacting a lawyer: A skilled attorney can help you avoid costly mistakes at every step of your divorce process, saving you not only money and time, but emotional energy as well.
Obtain the legal help you need
Couples going through a divorce, including those in the midst of a high asset divorce, must remember that they are making financial decisions for their futures. If you are facing or considering a divorce in Texas, contact GUNNSTAKS LAW OFFICE to learn more.