Divorce brings out the worst in people and can quickly turn adversarial despite how amicably it may begin. While every marriage and subsequent breakup is different, high-asset divorces tend to be far more contentious and complex than regular divorces, which generally do not have as much at risk.
High asset divorce is high stakes with many potential landmines. It concerns complex issues such as property division, businesses, investments, and other significant financial interests. This process only becomes more complicated when there are children involved.
Here are some common mistakes to avoid in high-asset divorce:
- Don’t feel guilty – The spouse who wanted out of the marriage may feel guilty and attempt to alleviate those feelings by acquiescing to the other person’s requests and demands. An example of this is if one person wishes to allay feelings of guilt by giving more spousal support than necessary.
- Don’t agree in haste – Agreeing too quickly and relinquishing everything just to speed the process along is a financial sacrifice not worth making.
- Investigate – In high asset divorce, the financial pictures should be thoroughly investigated as there may be hidden assets that must be revealed.
- Do not ignore tax consequences – Tax considerations must be addressed, including debt liability, refund divisions, etc.
- Listen to others – Most of us know someone, friend or family, who has been divorced. While every divorce is unique and cannot be compared to the next,
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At Clawson & Clawson, LLP, we have cultivated over 100 years of experience in excellence and success on behalf of those in need of legal advocacy. Our priority is helping families seamlessly survive the divorce transition, despite how tortuous the divorce process may appear to be. Our Colorado Springs legal team proudly offers effective strategies to conduct you through these issues and avoid any pitfalls.
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