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High Asset Divorce Mistakes to Avoid

Mistakes to Avoid in a High-Asset Divorce in New York

Going through a divorce is difficult enough without having added complications, such as having many high-value assets. However, with the right knowledge and legal counsel, it is possible to navigate your way through this process without causing further damage to either party. Below, we discuss some of the common mistakes you should avoid making if you are involved in a high-asset divorce.

Not Properly Valuing or Cataloguing Your Assets

One of the biggest mistakes divorcing couples make is not knowing all of their assets prior to getting divorced. Without an accurate idea of your assets and their current value, you may end up missing out on valuable financial benefits or even leave yourself open to future disputes over ownership of certain assets.

Not Disclosing Known Assets or Debts

During divorces, especially those involving people with many high-value assets or high net worths, parties hide assets or falsify debts. These actions are often taken to protect assets and/or get a better property division settlement. However, failing to disclose assets can have serious consequences.

Not Retaining Counsel with Experience Handling High-Asset Divorces

Another mistake people make is failing to get professional advice from an experienced attorney when it comes time for negotiations over the division of assets. A lawyer who knows how the law works can help ensure that each party gets what they are entitled to while also protecting their client’s interests.

Not Making Decisions Based on Logic Instead of Emotion

Divorce is an emotional process and it can be easy to make decisions based on emotion rather than logic. However, this could lead to poor decisions that may not be in your best interest. It’s important to think logically and objectively when making decisions related to your financial future during a high-asset divorce.

Not Considering Divorce Mediation or Collaborative Divorce

Another mistake people often make is failing to consider alternatives such as divorce mediation or collaborative divorce. Both of these approaches can help couples resolve their disputes without costly and time-consuming litigation, and may be advantageous for those involved in high-asset divorces.

Not Considering Tax Implications

Finally, it’s important for both parties to understand any potential tax implications related to their divorce settlement before signing off on it. Many high-asset divorces involve transfers of substantial amounts of money or property between spouses—this can have significant tax implications depending on what kind of assets are being transferred and how much money is involved. If one party fails to take into consideration these tax implications before agreeing on a settlement, they may find themselves facing an unexpected tax bill later down the line.

Not Preparing for Your Post-Divorce Life

Divorce can be a stressful and chaotic time, and it's easy to get so caught up in the process of getting divorced that you forget to consider your post-divorce life. Before you sign any documents or make any decisions, take some time to think about what kind of life you want after the divorce is finalized—this will help ensure that all of your decisions are made with your future in mind.

Trusted & Reliable High-Asset Divorce Attorneys

When it comes to high-asset divorces, there are many mistakes that can be made. From agreeing to unfavorable terms to forgetting about taxes, these mistakes can have a lasting impact on the outcome of your divorce. It is important to remember that you should always seek professional advice when facing a high-asset divorce.

At the Law Office of Dennis R. Vetrano, Jr., LLC, our attorneys have decades of collective experience, and we have dedicated our practice to handling divorce and family law matters. Our firm is equipped to handle high-asset divorce cases and can help you achieve the best possible results.

Learn more about our high-asset divorce services by scheduling an initial consultation. Telephone (845) 605-4330 today.