What NOT to Do in a High-Asset Divorce?

High-Asset Divorce

As it is, divorces are complicated and often hard to process. Even in the best circumstances, things may not be simple between you and your spouse. However, when there are significant assets involved, it is important to be more cautious because there’s a lot at stake. How to determine whether yours is a high-asset divorce? If you and your spouse own homes, real estate properties, businesses, stocks, vehicles, and expensive things together, you may have a high asset divorce to deal with. Consider talking to a divorce attorney in Columbus, Ohio, to understand how you can protect your interests. In this post, we are discussing the things you should not do in such circumstances.

  1. Rushing the process: While you would want the divorce to get over as soon as possible, you shouldn’t rush the process. Keep in mind that you have a share in the assets, and if you hurry the settlement process, you may lose what belongs to you. Let an attorney explain what to expect from the divorce and how you can work to get a fair share.
  2. Not considering the taxes: If you choose to get divorced, you are required to pay taxes on the assets you get, and therefore, you should talk to a CPA about the same. They can explain whether the tax implications make the assets worth accepting. Don’t let your ego make the decisions because you have to be practical about finances too.
  3. Hiding assets: When you have considerable marital property, you should take extra care to spell out all that you own. Remember that if you hide assets, there are people who can find out, including forensic accountants. Don’t assume that you can get away with nondisclosure, and the consequences can be severe, including penalties and even potential jail time.
  4. Not hiring a good lawyer: While you may believe that your spouse would be honest with you and would do all that it takes to settle things amicably, you shouldn’t rely on them entirely. Attorneys have the experience, expertise, and team power to ensure that you don’t settle for less and don’t compromise on the key things.
  5. Dating right away: Willing to find someone during the divorce may sound like a good plan to ward off loneliness, but in the long run, this may backfire. Let your attorney know if you are seeing someone and how you can deal with the situation better.

Call a lawyer now to find out more about Ohio divorces.

Also Checkout : Why You Need an Employment Lawyer