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3 mistakes to avoid during your high-asset divorce

Divorce not only has a significant emotional impact, but it hits your finances hard as well. Unless your divorce was short and neither of you had valuable assets, dividing property can be potentially difficult and contentious. If you and your spouse have significant assets, the stakes are higher and the process more complicated.

High-value assets affect nearly every part of your divorce. Due to valuable assets at stake, missteps can be costly. Here are mistakes to avoid during your high-asset divorce so you can protect your financial future.

1. Overlooking the impact on your taxes

Once you finalize your divorce, you might face taxes on the assets you received in the settlement. An agreement might look great until you consider the tax implications. For example, you should consider the value of investments by taking tax consequences into account. Consider speaking to a tax professional about property division before agreeing to anything.

2. Failing to consider uncontested divorce

In certain situations, handling the divorce outside of a courtroom is the best route. If you are able to work amicably with your spouse with the goal of a fair settlement, you might want to pursue an uncontested divorce or mediation. This process could save you time, emotional aggravation and legal fees. However, if your separation is particularly contentious or you fear your spouse is hiding assets, you might have to go through the court.

3. Going too fast

While you probably want your divorce to be over quickly so you can move on, you cannot just agree to any settlement without considering all facets of your breakup. Even in amicable situations, you must take the time to be thorough and consider all of your assets. Pay attention to detail when listing all assets and liabilities because omissions or mistakes can result in penalties.

Divorce does not have to ruin your financial status. Avoid these expensive mistakes with the help of a high-asset divorce attorney.

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