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Common mistakes people make in high asset divorce, Part 1

It is not uncommon for tensions to rise while spouses engage in property division during a divorce, and when emotions run high it can affect one's ability to think clearly. This post will discuss some common mistakes people make in high asset divorce.

Impatience is often a problem. You may be desperate to get away from your spouse and thus agree to less-than-ideal decisions in an effort to end things quickly. It can be crucial to let the process play out, and to not make irrational decisions in an effort to speed up the divorce.

Guilt can be just as dangerous as impatience in a divorce. It is important to not manipulate your spouse through guilt or to let yourself be manipulated through guilt into making decisions that are not equal or equitable. The divorce process should be treated as a business transaction, minimizing personal emotions.

One serious problem that may be especially common in high asset divorce is hidden assets. Trying to hide assets from a spouse during a divorce is fraud, and can bring serious legal ramifications.

It is important to make certain that all assets and liabilities are listed when submitting them for property division. It is also important to taxes into consideration. Tax obligations can change drastically following a divorce. This is especially important when dealing with spousal support or child support.

It is vitally important in the process of a divorce, especially a complex divorce, to make sure you take care of all the details and that all assets are properly distributed. Don't let a simple financial mistake or oversight cost you down the road.

Source: CNN iReport, "Top 10 Mistakes in High Net Worth Divorces," Joey Battah, Accessed on July 11, 2016

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