There is no such thing as a pleasant divorce. High net worth divorces can be even more unpleasant. This is particularly true if you and your spouse do not agree on how to divide property and other assets.
In high net worth divorces, money, property, businesses, and a number of other valuable items are often at stake. As such, it’s vital you don’t make the 5 common mistakes below that may compromise even your best attempts at an amicable, and reasonable, settlement.
Mistake #1: Agreeing to any terms to finish the divorce.
Many couples, especially if a divorce continues for a long period of time, feel as if they must settle to terms they don’t agree with to get the divorce over with. However, doing so can be detrimental to your future.
If you agree to inequitable alimony, child support, or other financial arrangements you will regret doing so down the road. Moreover, it may put you in a tight financial position that makes it difficult to move on with life after divorce.
Mistake #2: Hiding assets.
Some spouses believe they’re clever and transfer assets prior to beginning the divorce process or even during the divorce process. It’s important to note that doing so is ill advised and considered fraudulent.
It’s in your best interest to fairly represent your assets and proceed with the process so you aren’t penalized.
Mistake #3: Rushing through your financial disclosure statement.
One of the first steps after filing your divorce is filling out what is called a Financial Disclosure Statement. On it, you’ll disclose all assets, liabilities (i.e. debts), and your monthly expenses.
Many individuals rush through this process because it’s tedious and time-consuming. You shouldn’t because later in the divorce process, after formal discovery, it will be obvious you didn’t fully disclose all assets and liabilities.
Mistake #4: Foregoing formal discovery.
Discovery is the process of investigating bank accounts, retirement accounts, and other assets and receiving documentation of those assets. Doing so confirms whether each party is properly disclosing assets or if there are discrepancies.
Though it will take time and money, you should always pay for formal discovery as part of your high net worth divorce in Naperville. Doing so is the best way to ensure you’re receiving the fair division of property you deserve.
Mistake #5: Listening to friends.
Your friends and family members will have countless stories and opinions regarding how much money they believe you should win and how your case should be decided based on their friends and family members. Don’t listen to them.
Every case is unique and for that reason, matters will likely turn out different than others you know. This holds true even if their situation was relatively similar to yours.
Contact Lawrence R. Surinak Ltd. to Discuss Your High Net Worth Divorce Needs
If you have a potential high net worth divorce and are confused or want to discuss your options, the team at Lawrence R. Surinak Ltd. can help. We offer over 35 years of divorce expertise and will ensure you receive an equitable division of all assets in your divorce.
Contact us today at 630-470-9990 or fill out our simple online form and we will contact you to set up your free, 30-minute consultation. We look forward to speaking with you and helping you through the divorce process.