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Common mistakes people make in high asset divorce, Part 2

In last week's blog, we discussed a few common mistakes made by spouses involved in a high asset divorce. Below are a few more tips that may help people get a favorable and fair outcome during a high net-worth divorce.

It is not uncommon for family or friends to offer advice and support to help people along during the divorce process. Although it is important to recognize that family and friends are looking out for people and their advice is well intended, divorcing individuals should also keep in mind that every divorce is different, and what worked for one person may not be the best solution or suggestion for their situation.

It is important to acknowledge that emotions may run high and to recognize when people's state of mind may lead them astray. Although people may want revenge against their soon-to-be ex-spouse, the initial satisfaction people may feel is not worth the potential losses they may take if they act in haste.

On a similar note, people want to make certain that they choose a lawyer who is a good fit for both them and their situation. Choosing a lawyer too quickly or based on immediate or irrational feelings will not serve them well in the long run. People must make certain that they and their lawyer are on the same page with the same beliefs and same goals for the divorce.

It is also important for people, especially in a high net-worth divorce, to properly do their research to make certain that their spouse is providing them with accurate and complete information. As we have discussed in the past, it is possible that a spouse may try to hide or protect additional assets that people may be entitled to. Doing their due diligence is part of the divorce process, and making sure all assets and debts are disclosed by both parties will help make certain that the divorce is handled fairly.

Source: CNN iReport, "Top 10 Mistakes in High Net Worth Divorces," Joey Battah, Accessed on July 19, 2016

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Joseph J. Porzenski
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