Divorce is never easy. Decisions must be made about everything in your life, from your family’s assets and debts to who takes care of the pets. While speaking to an experienced Long Island divorce lawyer is a must, it is also important to protect yourself and your family’s assets, especially in a high net worth situation.
A high net worth divorce is one in which the couple has accumulated significant assets. A family business is often included in the divorce, along with items like real estate, retirement accounts, or trust funds.
If you’re navigating a high net worth divorce, you’re considering the values and splitting of significant assets – which can have significant consequences for you and your children. Here are four common mistakes to avoid:
- Agreeing to anything just to “get out.” It’s tempting to do this in a moment of high stress, but it’s a bad idea. If you fear for your physical safety, you should leave the house immediately. But if you’re simply “fed up,” take a step back and let your attorney lead the analysis so you aren’t stuck in a financial bind later on.
- Giving in to feelings of guilt. Guilt is a normal emotion during divorce, but don’t let it make your decisions for you or you may give away things you’re entitled to keep. Treat the divorce the same way you would treat the dissolution of a business.
- Hiding assets. Courts tend to penalize spouses who hide assets, leaving the spouse worse off than if they had never hidden anything. Be transparent about both assets and debts to ensure an equitable settlement.
- Failing to think about tax consequences. Some decisions come with a heavy tax burden. Your attorney can help you minimize the tax consequences of divorce by working with other experts, like accountants or financial planners, when needed.
Have questions about a high net worth divorce in Long Island? Don’t hesitate to contact the Law Offices of Paul A. Boronow, P.C. at (516) 227-5353.