Mistakes can happen in any divorce proceeding. But, these mistakes can be more costly if your divorce has greater and more expensive assets than an average one. High-asset divorces are extremely complicated due to the involvement of so many assets. All of them must be identified, organized, valued, and divided properly.
Due to the complexity of the process, it is easy to make a mistake. Learning what these mistakes are and how they happen can help you avoid them. A hight asset divorce attorney in Delaware can protect you from making these mistakes and delaying your case.
Mistakes people make in a high-end divorce
Not valuing businesses and other interests properly.
If you and your ex-spouse run a business together, you need to figure out the value of your own shares of the organization. Non-family partnerships, real estate holdings, shared retirement assets, and trusts can complicate the process even more. Valuing these assets is never easy due to their complex nature. Therefore, it is recommended that you always use expert advice and help.
Accepting the first settlement offer to speed up your divorce.
One thing you need to know about the first settlement offer is that it is rarely fair. Divorce is not a fun process, and, understandably, you may want to end it as fast as possible. But, that will only worsen things for you in the long run. You should work with an attorney to understand how many assets you deserve, and you should not accept an offer that gives you less than that.
Buying lots of luxury items during the divorce.
Before filing for divorce, some people liquefy their assets and use the money to buy expensive, luxury items. They do this because they do not wish to share their assets with their ex-spouse. However, it brings them no benefit. You might not have many assets during your divorce, but your spending on luxury items will be recorded. A Delaware judge does not look favorably at spending a lot of money during a divorce. So, it is best that you avoid this practice.
Hiding assets or failing to investigate the other party.
Hiding assets is an illegal practice in the United States. No matter how skilled and experienced a lawyer you may hire, they will always advise you to come clean. There are various special resources that can be used to discover these hidden assets. Once the court finds out you have been lying, you will lose credibility.
Similarly, blindly trusting the other party and not considering the possibility of hidden assets is a silly mistake. Your attorney possesses unique knowledge and skills to investigate and find out these assets. Therefore, you should allow them to take action instead of ruling out the possibility.