Divorces, no matter the income level, can become very ugly very quickly. This is especially true for high value or high asset divorces in part because there is more room for mistakes. When a couple is attempting to divest various assets and properties, the more on the list, the greater the confusion, tension, and risk.
The first and most common mistake made by couples engaged in such a divorce is failing to properly account for all of their assets and liabilities. It is extremely important you take the time to list all of your assets and liabilities. While this may be a time consuming process, it will benefit you during the divorce proceedings. This way, you can account for all of the assets to which you may be entitled and you can account for any debts that may exist.
Other couples may choose to intentionally hide assets or properties. Hiding assets is immensely unwise because if you are caught, you will lose your credibility in court, not just your assets. At the end of the day, the judge plays a strong role in determining the equitable distribution of the wealth between two divorcing parties. Fraudulent actions such as trying to hide assets will not endear you to the judge and will be used against you.
Of course, because some divorcing individuals may attempt to hide assets, it is important you properly investigate both you and your soon-to-be ex-spouse’s finances to help ensure that nothing has been hidden from view. There is no reason to take the other side’s word at face value, certainly not if your relationship has reached the point where a divorce is necessary.
When deciding what assets and liabilities you wish to pursue, it is important to understand the tax burdens that may accompany each. This applies to business-related assets, trusts, investments, retirement accounts, international assets, real estate, cash and/or other shared interests. Basically, any asset or liability that may be a part of your list should also be accounted for from a tax perspective.
The Importance of a Skilled Attorney
All of the above can be made easier with the help of an attorney familiar with your local divorce laws and with high asset divorces. In fact, many mistakes are often made and most of these can be avoided if you have the assistance of an experienced high asset divorce attorney.
Division of property, especially high value assets, is one of the most contentious aspects of any divorce. You will need an attorney who can staunchly represent your interests. Please contact our dedicated DuPage County divorce lawyers today to discuss your case and to learn how we can work together.