Common mistakes in a high-asset divorce
The divorce rate in Massachusetts has fluctuated wildly over the years. According to data collected by the Massachusetts Family Institute, the divorce rate steadily increased for many decades until it dropped sharply in the 1990s. It increased drastically from there, but in 2014, the rate saw a slight drop.
Divorce is prevalent everywhere in the country, and everyone’s case is different. The divorce process is much different for couples who have significant assets to divide between the two. If you will go through a high-asset divorce, it is critical to avoid the following mistakes.
Listening to uninformed/poorly informed people
You likely have friends or family members who have gone through a divorce. They may want to give you advice during this time, thinking it will help. Unfortunately, they may do more harm than good. Divorce is different for everyone. You may have substantially more assets than your friends, so the advice they give you does not necessarily apply. The main person you want to listen to is your attorney.
Agreeing to anything to get your divorce over with
Divorce is a highly complicated process. It may last for months or even years. You may not want to go to court and mediation sessions all the time to figure everything out, but that is part of the process. If you agree to terms too quickly, you may overlook key details. You could lose out on money or items you have entitlements to.
Not properly valuing your assets
When it comes to high-asset divorces, the couple has far more assets than the average married couple. If you and your spouse have acquired many cars, paintings or other valuables together, then you need to determine how much everything is worth. This may involve hiring a public or private firm to help you value everything. This process is also important if you have stock options, pensions and IRAs.