Do Not As Others Have Done
Going through a divorce is a difficult time for anyone, and adding a large number of assets to the mix only makes it more complex. When a lot is at stake in a high asset divorce, a single mistake, even a small one, can prove very costly. Here are some of the most common mistakes many people make in a high-asset divorce.
Mistake #1: Attempting to Hide Assets From Your Spouse
Some people, in an attempt to protect what they feel is theirs, take different routes to hide assets from their spouse in a divorce. Doing so, however, is both unethical and illegal. Ohio courts require, among other financial disclosures, that both parties in a divorce submit financial affidavits that disclose property, debt, income, and expenses. Submission of these documents is a sworn statement under oath, so the discovery of additional assets after submission can lead to serious penalties.
While it may be tempting to hide assets from your spouse, the penalties for doing so outweigh the apparent benefits.
Mistake #2: Failure to Accurately Value Assets
One of the more necessary elements of a high asset divorce is the accurate valuation of all assets. This is required in order to meet Ohio’s equitable distribution law and to ensure each spouse is treated fairly. If an asset is not accurately valued, you might not receive a fair distribution of property.
Consulting with the right experts such as tax professionals and financial advisors in addition to your divorce attorney can help you ensure an accurate asset valuation.
Mistake #3: Going Straight to Litigation Without Attempting Anything Else
Many couples getting a divorce wish to end the process as quickly as possible, but they still end up in court because they don’t try alternative methods of resolving their case with a settlement. Partie should attempt settlement negotiations, including having settlement conferences. Most cases are, in fact, resolved by agreement and not going to trial. A settlement agreement saves a great deal of time and money compared to litigation.
Mistake #4: Not Working With a Divorce Attorney Experienced in Handling High Asset Cases
Perhaps the biggest mistake that many people in a high asset divorce make is not working with an attorney skilled in all aspects of a high asset divorce. Your attorney should understand the complexities involved in this type of divorce and should be able to guide you on how to best move forward through each step of the process.
At Friedman & Mirman Co., L.P.A., we understand that protecting your assets is important and are committed to working through the complexities of your divorce to help you come to the best possible outcome. To schedule a consultation with our high asset divorce attorneys, call us at (614) 412-3943 or visit us online to fill out our form.