Divorces are already complicated enough. However, when you throw in that one spouse is wealthy and the other is not, this can make things contentious and difficult. If you are about to go through a divorce and either you have a large number of assets or your spouse does, it is crucial that you get a lawyer as quickly as possible. You want to ensure that things are fair in the divorce and that you come out able to rebuild and move on. When you are ready, reach out to a lawyer who has worked on high-asset divorce cases and see how they can help you.
What does it mean for a divorce to be a “high asset” divorce?
High-asset divorces have bigger stakes than regular divorces. It is typically considered a high-asset divorce if one (or both) of the spouses has $1 million or more in high-value assets.
What should I avoid when it comes to my high-asset divorce?
It is crucial to tread carefully when it comes to divorces like this because one mistake and you could lose assets that were rightfully yours. When you work with an attorney, according to a high asset divorce attorney from our friends at The McKinney Law Group, you will get an attorney who will walk you through every decision and how such decisions will impact your well-being throughout–and after–the divorce. During a high-asset divorce, there are certain things that you will want to avoid doing.
- Hiding assets. If you are the spouse who has more assets and you think the best way to keep the assets you have worked hard for is to hide them, think again. Hiding assets can actually lead to jail time, so it is crucial that you examine each detail thoroughly to make sure you present everything during the divorce process. Similarly, if your spouse is the one with high-value assets, assume that not everything is accounted for and make note of it to your lawyer.
- Brushing off taxes. If you were awarded certain assets during the divorce, you may be thrilled. However, when you are awarded assets during the divorce, you will need to pay taxes on the assets you were awarded. It is crucial that you speak with your lawyer about what kind of tax implications there may be post-divorce and whether you truly want certain assets or not.
- Avoiding working with a lawyer. If you think that you are headed for an amicable divorce, you may want to reconsider what you are about to go through. Even the most amicable of divorces can be draining, whether it’s physically, emotionally, or financially. If you know you are going to begin the process of a high-asset divorce but are thinking you might not need a lawyer, it is crucial that you give your local law office a call to see how they could best guide you.
When you are ready for help and are about to begin the process of getting a divorce, reach out to a lawyer who can help you. You do not want to go through a high-asset divorce without legal help. Instead, call a lawyer who can walk you through this complicated process.