Divorces never come easy as not only is it a life-changing decision but also a very challenging process. If we talk about high-asset divorce, then divorces for celebrities and public figures come to mind. They possess more marital estate and their divorces are more technical than separations revolving around a showroom of assets. Not forgetting that a lot more is put at risk, too.
Couples going through a divorce can often make many mistakes only because of being too emotional and not thinking from a practical aspect. This blog shares some of the mistakes to avoid a high-asset divorce for your convenience and prevent others from doing the same.
A High-Asset Divorce
A high-asset divorce is one that carries liquid and non-liquid assets worth $1,000,000 that can be subjected to division and negotiation.
Be mindful of the fact that commercial real estate and residential or closely-held businesses are also a part of this asset. All of these properties are also subject to possible distribution and discussion.
What Are a Few Mistakes To Avoid in a High Asset Divorce?
Yes, divorces are dreadful, but a high-asset divorce stands out as being more challenging.
Here we are discussing the mistakes to avoid in a high-asset divorce:
No Prenup Contract will Lead to More Stress
A prenuptial agreement is signed to claim separate property, child custody, asset division, and spousal support in case of divorce. A legal agreement such as a prenup is best to have when significant wealth is present at the time you or your spouse enter the marriage. This agreement helps you leave no room for conflicts in an unfortunate case of divorce.
But, if you have recently upgraded your net worth then there are high chances that the prenup contract won’t be there to save you from the chaos ahead.
Directly Filing a Lawsuit Instead of Taking a Middle Way
Another common mistake to avoid in a high-asset divorce is to enter the court to file a lawsuit directly. Instead, the couple should take a middle way to conclude the divorce and settle things on good terms. Why? It emerges as a more efficient, cost-effective, and results-oriented solution. Plus, it assists you in successfully resolving all issues necessary for divorce as follows:
Parenting time is part of the parenting plan, where the legal and physical arrangements of your child’s custody are discussed.
The support defines financial support that needs to be given for the kids’ living expenses, extracurricular activities, and other extravagant expenditures.
This is also referred to as alimony or spousal maintenance, which provides post-divorce financial support to the spouse, who has considerably a low pay scale.
Equal Division of Liabilities and Marital Assets:
The name only suggests that it refers to the equal division of liabilities and marital assets, amongst others. Observing the above benefits, you can consider adopting the middle way instead of wasting time in direct litigation.
Not Hiring an Experienced Lawyer
An experienced lawyer brings a wealth of knowledge regarding property division, alimony, and intricate financial matters, ensuring that their client receives a fair and equitable settlement. The experienced Denver high asset divorce lawyers at Hogan Omidi share that high asset divorce often involves intricate valuation processes for businesses, real estate, investments, and other substantial holdings, demanding a legal professional well-versed in financial intricacies. Moreover, an experienced attorney can navigate the nuanced legal landscape with finesse, anticipating potential challenges and strategically positioning their client for the best possible outcome. The complexities of high asset divorces require a legal advocate who can skillfully negotiate, meticulously analyze financial documentation, and, if necessary, aggressively litigate to protect the client’s interests.