High Asset Divorce Mistakes
When entering divorce with high assets or a comfortable net worth, you absolutely want to avoid costly mistakes. These mistakes may reduce the amount of money to which you have available to rebuild your life. Retaining an experienced Colorado Springs Family Law attorney is essential to protecting your interests. A fresh and independent perspective is extremely valuable when facing the stress, tension and charged emotions of participating in a divorce or legal separation. There are at least three common areas in which people tend to react, instead of taking a thoroughly considered approach.
A high asset divorce presents unique complications when compared to many other types of divorce cases. Many people give in because of the stress and emotional toll of undergoing divorce proceedings. They end up with less than their full or even fair share of the marital properties and assets. While it is difficult to hold on, it is better to focus on the long-term objective. Finding an experienced and trusted attorney will pay huge dividends in the ultimate resolution of your case. While your attorney handles the complexity of the legal process and researches and verifies the complex financial picture, you will likely focus efforts on building your life after divorce. One of the most valuable considerations in a divorce case and something your lawyer should understand is what your goal is after the divorce proceedings. For example, if your goal is to start your own business, it is important for your attorney to position you and your case to allow you to invest in your next business or to structure allocation of marital property division for your goal. Even though a case seems challenging, an experienced attorney will provide you with the resources and stamina to avoid giving in and to avoid jeopardizing or limiting your future goals.
Asset Reallocation/ Hiding Assets
Hiding assets to avoid spousal payments or property division exposes an ill-motivated party to even more harm. While assets can be protected or successfully negotiated to your ultimate benefit, simply refusing to disclose an asset or investment can have serious repercussions. The temptation is certainly strong to conceal an asset; however, Courts retain jurisdiction for years, and in some cases permanently, when assets are later discovered or realized. A common mistake having huge consequences involves transferring monies or property to relatives or third parties on the promise that they will be returned after the divorce. In today’s day and age of technology, the trail of information on asset and property transfers is abundant. If caught, the penalties are severe, including but not limited to losing the entirety of the discovered asset but also the reimbursement of fees and costs to the other party.
Failure to use Due Diligence (Properly Investigate)
A good forensic accountant or CPA is valuable and in many cases a necessary team member. While attorneys may rely on paralegals and investigators to build a divorce case, an accountant consultant provides a necessary perspective for the analysis of assets and regarding the valuation, division and allocation of separate and marital property. The CPA can also analyze tax consequences of certain financial scenarios to consider or present to the Court. If a party requests the appointment of an accountant, the court may actually appoint a joint or neutral accountant. However, a “joint or neutral” accountant is not responsible and has absolutely no duty to protect your interests or advise you individually. The joint expert is utilized as the court’s resource (not the party’s resource) and will present a recommendation to the court. Your consultant accountant and attorney will interact with the joint expert and can provide valuable perspective, documents and information helpful to present your side of the case. In some cases, it may make sense to appoint a joint financial expert without a consultant accountant; however, in high-asset cases, serious discussion should occur prior to this decision.
The experienced and dedicated attorneys at The Drexler Law Group will navigate you through the divorce and litigation process including the selection and utilization of experts and will help you avoid the costly mistakes common to unrepresented or underrepresented parties.
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