To put it mildly, divorce is usually difficult for everyone involved regardless of their wealth. Deciding to end a marriage can be one of the most emotional events Illinois residents will ever experience. Divorce is a great equalizer as so many people share this event in common, but the amount of wealth a couple has makes all the difference when it comes to dividing assets. Because of the enormous potential for complications a high net worth divorce can mean, getting professional legal advice is crucial to avoid common mistakes.
In every divorce, both parties hope the property division procedures will move forward smoothly, but when wealth is at stake, one error could lead to disaster. Below are some simple yet potentially disastrous mistakes many people involved in a high asset divorce make.
Taking advice from non-professionals: Sure, many of your friends and family members have survived divorce, but they have not walked in your shoes. Listening to different opinions is not necessarily a bad thing but do not let it replace the guidance a legal professional can offer.
Thinking a court is your best option: If you go blindly into courtroom proceedings during your divorce, there is a good chance you will not get the outcome you expect. Explore your options, including mediation and collaborative law instead of trusting that your side of the story will speak for itself in court.
Failing to look at the big financial picture: High value assets are often complex, requiring a good understanding of the entire financial picture. Working with a financial analyst may be a good way to complement the services your divorce lawyer provides while expanding your perspective on yours and your spouse’s financial situation.
If you have concerns about your impending high asset divorce, seek advice about your individual situation from a divorce attorney serving Illinois residents.
Source: Forbes, “Three Of The Biggest Mistakes The Wealthy Make When Divorcing,” Russ Alan Prince, accessed April 12, 2016