4 Crucial blunders to avoid in a high asset divorce case

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Do you know what a high asset divorce is? A divorce case worth $1.000,000 in the form of liquid assets subject to division and negotiation is called a high asset divorce. There are noteworthy challenges that are unique to high asset divorce couples and hence a single mistake can ruin things and make you lose all your hard-earned wealth. 

No matter what your circumstances are, divorce can be highly challenging financially and emotionally. High-asset divorces that comprise couples with mammoth marital estates are usually more complex than normal divorces including basic assets. Since there is a lot more to lose, you should be doubly careful. Here are a few tragic blunders to avoid during a high asset divorce. 

#1: Thinking about whether or not there is a prenuptial agreement

When you entered into a marriage with your spouse with significant assets and property, a prenuptial agreement should already be in place. This prenup will define your separate properties, make asset division understandable, and spousal support and child custody more straightforward during the divorce proceedings. Now if you don’t have a prenup, you might wonder if your divorce will become a circus! By choosing the apt divorce process, you can avoid turning your divorce into a circus.

#2: Opting for litigation rather than mediation

When you’re on the verge of a divorce, you might first go to litigation. This is what your Ohio high asset divorce attorney will suggest. But you should be aware of the fact that divorce mediation is a more cost-efficient option with guaranteed results. After all, mediation can resolve the major concerns in a divorce like parenting plan, child support, equal distribution of marital assets, and alimony. 

#3: Not appointing the right divorce attorney for your case

You may think that since there are numerous assets involved in the divorce, you should hire the most aggressive lawyer you find. However, you can’t forget the fact that lawyers will find an opportunity of earning oodles of fees from a high-asset divorce by stretching the case unnecessarily. While this is good for them, it isn’t something favorable for you. So, you need to be smart while choosing the right attorney to handle your case. 

#4: Not disclosing all assets or trying to hide debts

No matter how complicated or simple a divorce is, every divorce has a process called discovery. Discovery is the process where both the spouses reveal their entire financial picture along with the details of assets, income, and debts. In case your spouse detects that you’ve tried to hide assets, there are high chances that a forensic accountant will be appointed to disclose anything that you’re trying to intentionally hide. These accountants are experts in exposing the true picture and whenever they do, divorce processes turn from bad to worse. 

Therefore, if you’re involved in a high asset divorce, be very careful while taking the steps. Avoid all the above-listed blunders that could make you lose your hard-earned money. Consult every step with an attorney.

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