3 things to remember in every high-asset divorce

On Behalf of | Aug 28, 2022 | Family Law |

Every divorce is challenging, no matter the circumstances. It gets more complicated when considerable assets are involved, and both parties have a huge stake in the proceedings.

You can easily make mistakes or act irrationally with so much on the line. It could prove costly, and you may lose out if you are not careful. Here are some of the things you need to do.

Do not rush to litigation

If mediation is an option in your divorce, you should strongly consider it instead of going straight to litigation. An uncontested divorce can help you settle the divorce amicably and faster compared to a litigated divorce.

Additionally, co-parenting will be easier if you mutually agree with your co-parent on how everything should proceed.

Hiding assets is illegal

Failing to disclose or attempting to hide assets to keep them from your spouse in the divorce proceedings. You must be forthcoming with all your financial information, even in an uncontested divorce. Otherwise, you could face a raft of legal penalties for hiding assets or even lose ownership of the property in question.

Understand how taxation issues will affect your settlement

Taxes are a big deal in a high-asset divorce, and you need to understand how divorce will change your tax obligations. For example, you will be required to pay property taxes if you end up with the family house.

Knowing what the taxman expects from you will avoid surprise tax debts and help ascertain if you have the financial ability to pay the taxes due.

It is advisable to have the proper guidance when navigating your high-asset divorce. It will ensure your interests are well represented at every stage of the divorce, and you are more likely to end up with what you deserve than when you go it alone.

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