Having a lot of money and assets is often a good thing — unless you’re divorcing. Splitting all these assets equitably between the spouses is never easy. Even when there is a prenuptial agreement in place, there are still a lot of complexities to deal with. The type of marital assets you may have could be complex, considering that cryptocurrency and other investments are common.
This complexity, combined with heightened emotions, means that mistakes are common in a high asset divorce. You need to make sure you avoid mistakes, as this can affect you in many ways, particularly financially. If you rely on emotions or advice from parties who are not knowledgeable about your situation, you could end up getting shafted in your divorce. Here are some mistakes you should avoid so you can protect yourself in a high asset divorce.
Getting Advice From Family and Friends
It’s nice that your loved ones care about you and want to give you advice. However, your friends and family members are likely giving you incorrect information. Do you really think they know about Ohio divorce law? Even if they have been divorced before, a high asset divorce is much different from your average one. There are a lot of assets involved and you and your spouse are likely fighting over everything. Plus, it’s very unlikely that even your close relatives know all the details of your financial situation. It’s great to have friends and family for emotional support, but keep it at that. Don’t take their advice.
Not Keeping Financial Records
In order for your lawyer to best help you and protect your interests, they need accurate financial information. This is where good recordkeeping comes in. If you don’t have records of all your assets and debts, it’s going to be hard for your team of experts to advise you. One of the first things your lawyer will ask for is financial paperwork, so be sure to gather everything they need. If you can provide as many documents as possible, that makes your lawyer’s job much easier.
Keeping the Marital Home
Many people have an emotional connection to the marital home. It’s where they raised their family, so it holds a lot of happy memories. It’s seen as a source of stability. However, keeping and maintaining a home is very expensive. There are expenses such as mortgage payments, homeowner’s insurance, property taxes, utilities, and maintenance costs. Can you afford to keep the house? Have a conversation with your lawyer to see what they think based on your income.
Not Living in Reality
It would be nice to continue on with the standard of living you enjoyed while married. In some cases, there are enough assets for both spouses to live comfortably after marriage. But in some cases, there simply isn’t enough to support two households. The expenses increase while the income stays the same. It’s important to be realistic about your financial situation. Don’t have high expectations and end up ruining your finances.
Negotiating Too Quickly
Many people negotiate quickly because they want to move on. They don’t want a long, drawn out divorce. They want to finalize it as quickly as possible. However, by negotiating too quickly, you lose out. Your spouse will end up getting the bigger portion of the assets.
Before you negotiate a settlement, you need to have clear goals as well as a full understanding of your family’s financial picture. Look at all the financial documents you have gathered. Take a look at the comprehensive list of all your assets and debts. Assess your income and create a budget.
Don’t negotiate before you have all the necessary information. Remember, you have a lot at stake. Once there’s a settlement in place, you have to move forward. You can’t back out, so don’t make decisions you’ll regret later on.
Contact Us Today
If you are involved in a high asset divorce, you know there’s a lot at stake. Don’t try to handle it on your own or get advice from family and friends. You may think they’re looking out for your best interests, but they could unintentionally steer you wrong.
Seek legal help from the Ohio divorce attorneys at Lawrence Law Office. We understand how complex these situations can be. Schedule a consultation with our office today by calling (614) 363-0752 or filling out the online form.