When you’re getting a divorce and have many assets and income streams to divide, the changes that need to be made and the decisions you’ll have to face can be difficult. Your attorney may be working with you to build your requests and to build a case for the claims you want to make for assets, but there are still some mistakes you should be sure to avoid.
One of the biggest mistakes you can make is agreeing to anything that is asked of you just to get the divorce over with. You won’t do yourself any favors by agreeing to let your once-significant other take all the proceeds of your marriage. You need to consider the financial implications of each asset you give up or gain before you make a serious decision on the matter.
Next, don’t feel guilty and decide to give up too much because of it. If you initiated the divorce, you don’t need to feel like you should give more to your ex as a way of apology. A divorce should be as fair as possible, both to you and the other party. Divorce decisions can affect you for many years to come, so the decisions you make must be made with your best interests at heart.
Remember to investigate all sources of income, too. The last thing you want to find out is that you missed out on assets that you didn’t realize you could claim for during your divorce. Assets could be hidden (despite this being illegal), but even if they aren’t, you could forget about things like old retirement accounts or stocks. Remember to look for any and all assets you have in your marriage; these could make a difference in your divorce.
Source: CNN, “Top 10 Mistakes in High Net Worth Divorces,” Joey Battah, accessed Oct. 13, 2015