Spouses who have been married many years or who have a high income usually face high-asset divorce. High-asset divorces are typically more complex because they involve the division of significant amounts of assets that may be difficult to manage. This can lead to conflicts and litigation. For example, a high-asset couple may need to divide a business or several vacation homes.
If you have already filed for divorce as a spouse with a high number of assets, or if you are worried about filing for divorce because you are unsure of the financial implications, you must take action to understand the law and how it will likely affect you. The following are some common mistakes made in New Jersey high-asset divorces that you should try to avoid.
Rushing the divorce process
Most divorcing spouses are impatient and want to move forward in the divorce process as quickly as possible. However, cutting corners or seeming overly eager can pose a huge disadvantage in a high-asset divorce. Getting the asset division result that you deserve can take time, therefore waiting a few more months can benefit you financially for years to come.
Not seeing both sides of the story
Staying in your perspective can cause undue anger, jealousy and bitterness. While you have the right to experience these emotions in the divorce process, they may not help you to get the result that you want. By trying to see the perspective of your divorcing spouse, you may be able to communicate more fruitfully with them and come to an agreement regarding the division of assets.
A divorce can cause a rift in trust and closeness between spouses. This can mean that those going through a divorce can act in ruthless ways for their own benefit. Some even resort to hiding assets in offshore accounts to try to keep more for themselves. This type of behavior is unlawful in many circumstances and should never be attempted. You should try to build trust with your divorcing spouse rather than sabotage them.
If you are feeling overwhelmed by the prospect of a high-asset divorce, it is important that you take your time to understand the likely outcome of your situation.