When a divorce involves an abundance of wealth, it’s even more critical that you avoid making mistakes, because even a small mistake could mean losses of millions of dollars. If you are a high net worth individual, and are currently considering a divorce, there are some mistakes that you are at risk of making that could prove financially damaging for you.
Take time, and plan out your next course of action. Get together with your attorney, and plan your divorce with a cool and calm mind. It’s very easy to get emotional when big money is at stake, and when you are in a hurry to get divorced. You might agree to outrageous clauses simply to get rid of your ex, but those mistakes could prove very expensive.
Don’t let guilt force you into making expensive mistakes. In a divorce that involves infidelity, for instance, the party that is guilty of cheating could feel pressured into making major compromises in matters involving asset division, alimony or child support.
High net worth divorces also often involve allegations of concealment of assets. Don’t conceal assets-it is illegal to do so. If you are the person with the lower income in the marriage, and are currently getting divorced from a person with substantial assets, investigate if your spouse is concealing assets.
In a high net worth divorce, you must consult not just family attorneys, but also accountants, and tax advisors, who can minimize your tax obligations after your divorce.
When it comes to a high net worth divorce, it’s important to get sound legal advice. Don’t rely on advice offered by your business associates, or your friends. Talk to an experienced Colorado divorce lawyer.