Divorces that involve a couple with a number of high end assets are incredibly complicated due to the fact that the assets must be located, valued, and ultimately divided. Couples with high end assets also face other challenges when making decisions on terms such as child custody, as well as child and spousal support. Due to the many different moving parts involved in high end asset divorce cases, it is easy to make a mistake, and even a small error could result in you not obtaining the fair settlement you deserve. Below are some of the most common mistakes people going through in a high end asset divorce make, and how to avoid them.
Not Considering the Unexpected Consequences of Financial Decisions
Any decision you make in a divorce, and even during your marriage, is going to impact your case. The financial decisions a person makes during a high end asset divorce have particular ramifications. For example, a spouse may have received a significant inheritance prior to their marriage. Under Ohio law, this property is considered separate because the spouse obtained it before they got married. As separate property, the inheritance would not be subject to property division.
However, arguments could be made that the inheritance is actual marital property if the spouse that inherited it did not make sound financial decisions. For example, if the inheritance was placed into a joint account held by both spouses, the funds would likely be considered marital property because they were commingled with marital funds. Separate property is just that. It is separate, and it is important it remains that way.
Buying Lots Of Luxury Items During Divorce
Some people make the mistake of thinking that if they can show they do not currently have a lot of assets, decisions made during the divorce will favor them. It is true that sometimes, spouses that do not have significant assets or a high income are awarded certain terms so they can support themselves. If it is found that you do not have significant assets because you bought a lot of luxury items, or even spent a substantial amount on small items, it will hurt you rather than help you.
A judge will not look favorably on extravagant spending, so it is best to avoid making large purchases until after your divorce is over. Never take the chance that no one will find out, because it is likely they will.
Hiding Assets During Divorce
It is not uncommon for at least one spouse to try and hide assets during a high net worth divorce, in order to keep them out of property division hearings. Like purchasing lavish items though, any assets you try to hide during the divorce process will be discovered. The fact that you attempted to hide them will also be used against you, as both parties are expected to provide full disclosure during the divorce process.
Not Working With Professionals
Divorce cases sometimes call for professional advice, such as that of a child development expert or a vocational professional. In high end asset divorces though, even more professionals will be required. You will need an appraiser that can determine the full value of your assets, and there are many different types of appraisers. You may need to work with different appraisers when determining the value of real estate property, jewelry, pensions, and collectibles. Failing to work with the appropriate professionals can result in you not obtaining the fair settlement you deserve.
High end asset divorce cases typically take much longer than other divorce cases, and they are often more expensive. Too often, people want to rush the process as much as possible, and that is a natural response. You want to move on with your new life, you are tired of watching the costs of the divorce climb, and you just want the whole thing to be over. Unfortunately, rushing the process will likely result in you forfeiting your rights to a fair settlement. Do not agree to anything until you have spoken to a divorce lawyer and a financial adviser, and until a complete valuation has taken place.
Call Our Divorce Lawyers In Columbus Today
If you are going through a high end asset divorce, do not do it on your own. At Lawrence Law Office, our skilled Columbus divorce lawyers have the experience these cases require, and will put our knowledge to work to help you secure a fair settlement. Call us today at 614-228-3664 or contact us online to schedule a consultation.