Separations are never ever easy or pleasant. There are so many variables that both parties need to take into consideration, such as sharing or splitting of properties, who obtains what, what will happen with the children, the vehicles, alimony, your house, visitation rights … this list is endless. Sometimes divorcing couples find out they may agree on some points, but not on others, and neither feels they ought to find a compromise or make concessions.
Time for an attorney? Absolutely. Even during a simple consultation you can find answers to important questions, so it’s definitely worth your time. and also it is well worth the moment. Compared to what one could lose (financially and or else) from making a mistake — because of not knowing the divorce legislation or a psychological breakdown in a time of tension, the price of excellent lawful advice pays for itself many times over.
This is particularly true for cases which include large amount of money, assets, residential property and business – like high net worth divorce with much higher potential for mistakes on both sides. It could be really emotional and stressful, which’s not the best mindset to make choices that lead to best long-term benefits. Consequently, it’s easy for either party to say or do things they may regret later, or to sign documents prepared by another party that are not in your best interests.
After tens years of professional experience and tons of solved divorce cases, McKoon, Williams, Atchley & Stanley attorneys are sharing tips for successful high net worth divorce and what you should never do to make the procedure run smoothly.
1. Agreeing to Anything Just to Get the Divorce
People may strive to get divorced as soon as possible for a number of reasons. The most common of them is, for example, a situation, when one person in a divorcing couple feels emotionally exhausted and like he/she just cannot stand the ex spouse anymore. The other reason is falling in love with another person and striving to get “free” as soon as possible. Whatever is the reason of your divorce, accepting terms such as alimony, or division of assets and liabilities in a hurry just to move away quickly could have destructive effects on you financially. Therefore, it is important that a complete analysis be taken prior to settling your divorce.
2. Failure to Appropriately Account for Possessions as well as Liabilities
When you get divorced you will have to fill out a financial affidavit and also provide specific records regarding your financial situation required by the law. It is essential to take this inventory seriously and make sure all details are relevant and accurate. It is time consuming and also tedious to put these things with each other, however failure to do so properly could leave you holding onto liabilities that should not be yours or your giving up assets or alimony you should not be obligated to give up.
3. Hiding Possessions
Some spouses think they are clever and also move their valuable assets to a 3rd party such as a company partner or youngster from a former marriage. Transfers like these can (and also more than likely will) be reserved as deceptive and you will lose the most vital thing you have in a court– your reputation. From that point forward you are in a losing position for everything else related to a proper or reasonable divorce settlement. It’s just not very smart and ineffective.
4. Failure to Consider Tax Consequences
When you divorce and you receive certain assets you could be taxed on distributions or you could agree on an alimony amount based on your budget without considering how much you will actually clear after taxes. Tax considerations are a critical component of a high net worth divorce.
5. Working With A Wrong Lawyer
It is critically important that when you are going through what is probably the most emotionally devastating experience in your life, that you have a lawyer that is going to help you think clearly, strategically and guide you through the legal minefields so that once the dust has cleared, you will have a bright and financially secure future.Our divorce lawyers in Chattanooga, Tennessee provide exceptional service for those seeking soldiers relief or divorce mediation as an alternative to a standard divorce. Our divorce attorneys are more than happy to provide you with information on legal separation, amicable divorce, and common law marriage. There are many different important legal issues that you and your ex-spouse to be must find answers for. Even though it may seem impossible to come to an agreement on important aspects of the divorce, it is essential and our divorce lawyers are here to help you – just contact us today.