Don’t make these 3 high-asset divorce mistakes

Unless you’ve been through the divorce process before, most people are caught off guard when they are served with divorce papers. Most people have no idea where to begin, let alone how the rest of the process will proceed. Many of these people will simply allow their emotions to take over, guiding them through the divorce process for better or for worse.

But while some may believe ignorance is bliss, ignorance of the law can lead to trouble, which is not something we want any of our Montgomery County readers to encounter. That’s why we are going to look at three mistakes high-asset divorce couples make in the hopes of helping these couples avoid potentially challenging issues later on.

Agreeing in order to get the divorce done sooner. Nobody wants to go through the emotional roller coaster that is divorce. But simply agreeing to offers presented by your spouse in order to move things along more quickly is not the best option. By quickly agreeing, you may not realize the bad deal you just made until everything is finalized and it is too late.

Believing everything your friends say is true. We all have our conceptions about divorce, oftentimes built up from anecdotal evidence collected from friends and family. But remember: what happens in one divorce may not necessarily happen in another. Laws differ from state to state and each couple’s situation is different, meaning different outcomes depending on the circumstances.

Hiding, destroying or wasting marital assets. It’s easy for some people to feel betrayed by their spouse during a divorce, causing them to feel vindictive and think of ways to get back at their spouse. For some, hiding, destroying or wasting marital assets is one way to exact their revenge. But as we have pointed out on our blog before, removing or hiding marital assets can land the offending spouse in a lot of trouble with a family law judge.

Though we were only able to mention three, there are a number of other mistakes our readers should consider such as underestimating the value of certain marital assets or assuming you don’t have claim to something when you actually do. By talking to a lawyer, you can see these mistakes before you make them, even avoiding them and trouble later on.

Source: CNN iReport, “Top 10 Mistakes in High Net Worth Divorces,” Joey Battah, Jan. 10, 2014