What Not to Do in a High-Asset Divorce

Navigating a high-asset divorce is a daunting process, fraught with emotional and financial complexities. The stakes are undeniably high, with significant assets on the line, ranging from property and investments to businesses and retirement funds. While it’s natural to feel overwhelmed, making uninformed decisions could have lasting consequences on your financial future.

Looking for professional guidance with your high-asset divorce? The team at Olmstead & Olmstead is here for you. Call us at 703-361-1555 to set up a consultation now.

Avoid Hiding Assets or Income

Hiding assets or income during a high-asset divorce is one of the biggest mistakes you can make. It might seem like a good idea to protect your wealth, but this tactic often leads to severe consequences. Courts take asset disclosure very seriously and failing to be honest can result in penalties like fines or a worse settlement for you. 

If your spouse or their legal team discovers that you’ve been hiding assets—and they very likely will—it can damage your credibility and trustworthiness in court. This can make the judge less likely to side with you on other important issues. The best approach is to be open and honest about your finances. Provide all the necessary documents and information.

Do Not Make Impulsive Financial Decisions

Divorce is a time filled with emotional challenges, which can lead to rash financial decisions that may harm your long-term well-being. Selling property quickly or cashing out investments in haste might seem like quick solutions, but these actions can lead to financial setbacks. Instead of making snap decisions, consult with financial advisors and legal experts who can provide clear guidance based on your unique situation. These professionals can help you create a comprehensive financial plan that considers both your immediate needs and future goals. By taking a more measured approach, you can avoid costly mistakes and protect your financial future.

Refrain From Skipping Legal Counsel

Navigating a high-asset divorce without professional legal help might seem like a good way to save money, but it can lead to significant problems down the line. High-asset divorces involve complex financial issues that require specialized knowledge. An experienced divorce attorney can help you understand the legal landscape, ensuring your rights are protected throughout the process.

Legal counsel can provide valuable insights into asset division, alimony, and other financial matters that you might not be aware of. They can negotiate effectively on your behalf, helping you achieve a fair settlement. Attempting to handle these negotiations on your own can put you at a disadvantage, especially if your spouse has hired their own legal team.

Additionally, divorce attorneys are skilled in identifying and valuing assets, including those that might not be immediately apparent. This expertise is crucial for making sure all assets are accounted for and fairly divided. Without a lawyer, you might miss out on important financial details that could affect your future.

Legal representation also provides a buffer against emotional decision-making. Divorce can be emotionally draining, and making decisions based on feelings rather than facts can lead to regrettable choices. A lawyer can offer an objective perspective, helping you make decisions that are in your best interest.

Do Not Take Legal Advice from Your Ex

A surprising amount of people have made critical divorce decisions based on advice from their ex, the very person who stands to benefit if they make choices that aren’t in their own best interests. Whether you or your ex initiated the divorce, you may have gotten a flurry of unsolicited advice from them. 

Spouses out for revenge are quick to tell you that if you don’t do what they say, you’ll lose custody of your children, get nothing in the divorce, or have your name dragged through the mud. Unfortunately, this often works, and people give up substantial assets, parenting time, and financial stability simply because they are afraid of ending up in an even worse position. That’s why it’s so important for you to have your own divorce attorney. Your spouse likely has very different goals from you, and taking their advice is almost never in your best interests.

Prepare for Divorce Today—Call Olmstead & Olmstead

The team at Olmstead & Olmstead is here to guide you through your divorce and prepare you for the next chapter in your life. Claim your consultation now by calling us at 703-361-1555 or getting in touch online.