Avoid These Costly Mistakes in High Asset Divorce

Il divorce lawyerDivorce is a messy business, no matter the situation and specific details. Although avenues are available that make the process more amicable, it is no easy feat separating a marital union into two separate lives. Some cases have fewer factors for consideration, such as those with a short duration, no kids, and a little marital property. Once you begin piling on the elements and building a life together, the process becomes complicated. Every divorcing couple has a lot to lose, but high asset divorce accompanies other uncommon difficulties. Although the divorce process is the same, regardless of your net worth. However, when there are more properties, businesses, and other complexities, the chance for mistakes increases. These are the most costly mistakes you will want to avoid in your high asset divorce.

Acting Too Quickly

No one wants to linger in the divorce process longer than necessary, but it is often not beneficial to your case to speed through the process without careful consideration. Regardless of the emotional concerns, divorce is a legally binding contract that has a dramatic impact on your financial status. Your long-term financial stability depends on the agreement. Do not haphazardly agree to terms to rid yourself of the discomfort of the situation.

Hiding Assets

It is not uncommon that one spouse does not want to share with their ex. Although you may feel owed or otherwise entitled, you are under legal obligation to disclose all assets during the divorce process. That includes avoiding the temptation of transferring money to other accounts or third-parties for safe-keeping. It is very rare that a spouse succeeds in an attempt to conceal funds. You will be discovered, and it will put you at a disadvantage throughout the remainder of the proceedings.

Forgetting the Taxes

During all of the changes, it is easy for items to get overlooked, especially with high asset divorces or if it is your first divorce. One of the most forgotten aspects of separation is the change in taxes. Not only does the filing status change, but there are also other funds to consider during reporting, including:

  • Property received in a settlement;
  • Withdrawals from retirement accounts; and
  • Spousal maintenance.

Hire a DuPage County Divorce Lawyer

Divorce has a dramatic impact on your finances. Making the wrong decision or unnecessarily compromising will impact your life and the life of your family for years to come. If you are divorcing with a substantial amount of assets or multiple properties, an experienced Hinsdale high asset divorce attorney can guide you through the process to ensure you do not miss any of the details. The proven lawyers at the Law Office of Martoccio & Martoccio will not only advise you in the best course of action to protect your interests, but we will also aggressively defend your rights if it becomes necessary. Call our office today at 630-920-8855 to schedule your complimentary no-obligation initial consultation.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&SeqStart=6000000&SeqEnd=8300000

https://www.forbes.com/sites/russalanprince/2014/12/01/getting-the-most-from-a-high-dollar-divorce/

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