No matter what circumstances you’re going through, divorce can be a challenging issue. If you’re into a high-asset marriage where both the spouse own a considerable marital estate, getting a divorce can get highly complicated. There’s a lot of stake than just financial loss.
How tough your high-asset divorce is going to be will depend on the option that you and your partner choose, how willing you are to compromise and adjust, and how eager you are to acknowledge the contributions of each other in the marriage.
We’ve asked a Delaware high asset divorce attorney and he has shared with us the costliest mistakes that you can make in a high-asset divorce. Keep reading to know more about them.
#1: Worrying if there’s no prenuptial agreement
Did you and your spouse enter into a nuptial agreement with enough wealth? If you already have a prenup in place, you needn’t worry as that will equally define assets, properties, spousal support, and child custody during a divorce. But even if you don’t have a prenup, you needn’t worry. All you need to do is select the proper divorce process. Instead of allowing a family judge to spell out the terms of your divorce settlement, it is better to opt for private mediation through a divorce mediator.
#2: Opting for litigation rather than trying mediation
In case you’re facing a divorce, the foremost thought that would come to your mind is to opt for litigation in court. At least, this is what your family law attorney advises you and you too believe them. However, you need to know that mediation is a more efficient and cost-effective option that is more oriented towards favorable results. Mediation resolves issues like child support, parenting plan, alimony, and equitable distribution of assets.
#3: Not appointing the right divorce attorney
Since there are numerous high-end assets at stake, the costs that you’ll incur while battling it out through litigation are worth it. Hence, you’ll be tempted to pursue an aggressive lawyer who resolves to offer you a fierce representation. But you need to realize that a high asset divorce and an aggressive lawyer is a dangerous combination. To such fierce lawyers, a high asset divorce is one of the best streams of income. The longer it continues, the better for them.
#4: Guessing inheritances
For married couples with wealthy parents who are alive, there is a problem with guessing inheritances. This can be a bad game that can boomerang you in the long run. It can have a negative financial impact on your alimony agreements and property division. One spouse may wrongly think that the other spouse will definitely receive an inheritance but there are no guarantees in life.
Therefore, if you’re thinking of filing a divorce and you’re involved in a high-asset marriage, you should avoid committing the above-listed blunders. Seek the help of a high asset divorce attorney who can ensure smooth completion of the divorce procedure.