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How can I avoid making mistakes in a high-asset divorce?

Any divorce could take an unexpected turn from amicable to hostile, even with spouses who begin on the friendliest of terms. This may happen because the issues surrounding divorce are so important to the people involved. Matters related to children usually top the list as the main cause of contention, but financial matters can also lead to conflict.

This is especially the case in a high-asset divorce because the stakes are so high. Both spouses want the property division settlement to be as fair and balanced as possible. However, many times each spouse has a different idea of what a fair and balanced solution really is.

As the conflict escalates and both parties are desperate for an end, the odds of making serious errors increase. Some of these mistakes have more serious consequences than others.

Attempting to hide assets from what you may perceive as a greedy spouse can impact the asset division process. This is illegal and can have a serious negative effect on your case and on your life.

Failing to make certain that your spouse has not tried to hide his or her assets can lead to an unfair outcome. If the other spouse has successfully hidden valuable property, you may emerge from the divorce with less than what is fair.

Not considering all tax implications may also be a mistake. For example, any property distributions you receive may lead to an increase in the taxes you owe.

What is the solution and how can you avoid costly mistakes on your part? Consider seeking professional guidance. While working with a family law attorney usually helps, other professional aid can be just as important. A wise option for those facing a high-asset divorce in Tennessee is to ask your attorney whether you need to speak with a financial planner or adviser.

Source: Investopedia, “Why are high net worth divorces considered more challenging than other divorce cases?,” accessed Jan. 23, 2018