5 Mistakes to Avoid in a High-Asset Divorce Lawsuit
Posted on October 21st, 2021
A divorce is a roller coaster ride no matter what. But, things get more complicated when yours is a high-asset divorce. The stakes are high with both parties standing to lose or gain the wealth they accumulated together. Asset division was already particularly complex, but with a high-asset divorce lawsuit, it only becomes more so.
When you’re going up against your spouse in court, there are some mistakes you cannot afford to make. A good high-asset divorce attorney should advise you against anything that can hurt your case. That’s why we’re here to help you and set you up to receive as much as you deserve.
#1. Set Unreasonable Expectations
This means telling or sending your spouse or your spouse’s representation unrealistic demands before deliberations have even started. Investigations need to be done, and claiming certain assets for yourself or for your spouse can make deliberations difficult early on.
This also extends to subjects such as child support and child custody. If investigations into your ability to care for your child don’t match the unreasonable expectations you set beforehand, you could be in trouble. You could find yourself owing more money or time in child support and visitation agreements than you wanted to or owing less.
Setting realistic expectations is the key to a smooth and speedy divorce, just to keep a healthy state of mind. It benefits no one if your divorce keeps dragging with these unrealized promises and expectations.
#2. Hide Assets
Although it’s the law to disclose all your assets during a divorce, this doesn’t mean people do so. Trying to hide your assets, whatever the reasons may be, can land you in hot water. You’re already in one high-asset divorce lawsuit. There’s no need to find yourself in another.
All of your marital assets have to be thoroughly investigated and quantified by both your representation and your spouse’s representation. This includes properly evaluating the value of the assets and the origins of how you came to own them. This will all help your case to keep the assets or give them away. Hiding your assets will not.
#3. Act Out Of Spite
Spouses tend to act out of spite, especially if it’s a bitter divorce. But letting your anger, hurt, frustration out during the divorce can do only harm. It can lead to rash decisions and statements that can open up holes in your case. You never want to give your spouse ammunition to keep the assets you want in your high-asset divorce.
It’s understandable if you can’t quite keep your composure in your spouse’s presence or their representation. The perfect thing about representation is that they represent you in situations you can’t handle or don’t want to. You should be able to communicate your wishes to a quality high-asset divorce attorney and expect them to carry them out.
#4. Ignore Tax Implications in Your High-Asset Divorce Lawsuit
People can’t ignore taxes in a typical divorce, and it’s only tenfold for a high-asset divorce. As they say, “death and taxes.” The IRS wouldn’t care if you are going through an ugly divorce or an amicable one. You still have to pay taxes on your marital assets, and by yourself. Because of this, there may be certain assets you may not want to keep, with the taxes on them being regular and excessive.
Sometimes small businesses don’t make enough money to warrant the cost and you don’t want to be the person responsible for it. Other times, there are assets your spouse can’t handle, which would help you make a good case for why you should retain them.
And of course, you need to understand the tax implications so you can pay them. Never ignore taxes in a high-asset divorce lawsuit. The taxes can weigh you down.
#5. Not to Hire a Skilled High-Asset Divorce Attorney
You need representation and an experienced one at that. Not hiring a skilled, experienced, and reliable high-asset divorce attorney is the gravest mistake you will make when getting divorced.
An attorney will keep you informed, centered, prepared, and ready to fight for what you want. Then once we leave the courtroom, your attorney is your confidant. Attorney-client privilege is serious, any good attorney will do their best to help you through a trying time.
Prepare For Your High-Asset Divorce Lawsuit with Kalinoski Law Offices
If you’ve found yourself making these mistakes you need an informed and experienced attorney like Craig Kalinoski to help you get back on track. High-asset divorces are long and strenuous. Going through one without an attorney who can handle the ins and outs of the process can be detrimental if you want to keep anything.
Contact Kalinoski Law Offices in Scranton, PA now for a consultation, we’ll get started prepping for your high asset divorce.