Divorce is a sad, grueling, mind-numbing process for everyone. For those who fall into the high-net-worth category, it can seem interminable and complex to the point of exhaustion. However, an experienced divorce attorney will help you navigate the rough waters.
Here are five mistakes you should avoid as you move toward a new chapter in your life:
1. Agreeing to almost anything
You may think you absolutely hate your spouse, or you may have found someone new to love. Both are common causes for wanting out of your marriage immediately, but resist the urge to hurry: It could be a costly mistake. For your financial well-being, take a deep breath and allow the divorce process to be thorough and complete.
2. Letting guilt take over
If you are the person who wants the divorce, you will probably be experiencing some level of guilt. You may therefore feel compelled to give up more than you should to the other party. Think of your divorce as dissolving a business agreement and depend on sound legal advice to get you through it in a practical fashion.
3. Failing to investigate
Your spouse may be more sophisticated financially than you are. Therefore, be prepared to approve an investigation to ensure that all income and assets come to light.
4. Not considering tax consequences
Be aware of the possible tax consequences. For example, you may owe taxes on certain assets and distributions. You could also owe taxes on the alimony amount you agreed to without thinking through how much you will actually receive after taxes come out.
5. Listening to your friends
Finally, you should never look at your divorce in comparison to the experiences your friends have had. The circumstances are different for everyone. You will probably have a different judge than the one your best friend had. There will be a different opposing counsel and laws that may have changed since your friend got divorced. Do not let your emotions overshadow your common sense. Stay strong, keep a positive outlook and rely on the expertise of professionals who have your best interests at heart.