Six Common Mistakes Clients Make in High Asset Divorces

1.  Letting emotions decide.

Try to treat the property division like a business dissolution.  This can be very difficult in light of the very emotional nature of divorce. Think of the end of the divorce. What is important to you going forward?  Don't fight for an asset just because you know your spouse wants it and you want to hurt them.

2.  Rushing the Divorce Process. 

Once the divorce is actually stared, some people “I just want to get this divorce over with”.  This could lead to not allowing attorney to fully investigate the assets to ensure that no assets are missed in the division. High asset divorces are time consuming for this very reason. Rushing the divorce process could lead to costly mistakes that could have lasting effects and that cannot be fixed. Once divorce is final, the property division cannot be changed.

3.  Hiding assets

There is often a temptation for the higher earning spouse with most of the information regarding the assets, to try to “hide" or fail to disclose accounts.  In Tarrant county parties have to disclose all the assets in an Inventory and Appraisement.  They have to swear to this information under oath. Lying about assets under oath, will diminish credibility with the judge, if the lie is discovered.  If the divorce is final, and certain assets are not divided, there could be more costly litigation down the line to divide these assets.

4.Tax consequences.

Make sure to consult a tax professional regarding the tax consequences of any settlement agreement.  If case goes to trial, be ready to present evidence of tax consequences of the proposed property division.  In Texas, the Judge shall consider any tax consequences of a property division.

5.  Acting in anger.

Don't make temporary decisions based in anger like selling property without consulting your attorney and other side  Making property decisions just to get back at spouse is never a good idea.

6.  Not hiring an attorney.

You will not be able to adequately protect your future without the help of a competent divorce attorney.  You may not know what you are legally entitled to receive.
it is important to not  just believe your spouse regarding what property settlement you would be entitled to. Your spouse does not have your best interest at heart.  There is a reason why you are getting a divorce.......