As stressful as the Florida divorce process is in general, a high-asset divorce can multiply the tension and stress substantially. When it comes to dividing assets such as businesses, high-value real estate, priceless artwork and offshore bank accounts, it can sometimes be difficult to determine whether full-disclosure is at play.
Let us discuss some of the most common mistakes wealthy couples make when going through divorce. First, as we mentioned above, maintaining full-disclosure is a must. When one spouse could potentially lose a lot of money or some pretty valuable assets, it can be tempting to hide them. For example, a business owner may transfer all or part of his ownership to a third party so that it cannot be considered an asset. The same can take place for high-value assets such as classic cars or artwork. Judges do not look favorably upon these transactions and can choose to punish them by awarding the other party more assets to compensate their losses.
Second, do not go into a high-asset divorce assuming one is fully aware of every asset out there. It is not as uncommon as some may thing for a higher earning spouse to have accounts or property that the other does not know about. Therefore, it is always in one’s best interest to do a full inventory prior to filing for divorce. Leave no stone unturned, especially when it comes to non-physical assets. Some other common mistakes made are rushing to settle, refusing to cooperate in the process and failing to consider tax consequences.
High-asset divorces are in a league of their own. They are best resolved with the expertise of an attorney who is skilled in negotiating and crafting complex divorce agreements. The goal should be to keep the divorce out of the courtroom, thereby maintaining privacy and saving parties thousands of dollars.