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When couples go through a divorce, one of their main concerns is splitting up their property. This is especially true in a high-asset divorce, where there is more on the line. In order to protect your assets, it’s critical to avoid making these costly mistakes.
- Hiding Assets
During the divorce process, you are required to disclose all of your assets to ensure there is an equal distribution of property between you and your spouse. With the stakes so high, you might not want to share certain assets with your soon-to-be-ex. In cases like this, you might be tempted to hide assets from your spouse in an attempt to preserve your wealth.
However, by concealing assets, you are committing fraud. If the court leans that you are purposefully hiding assets or not providing adequate information about your finances, you could face serious legal implications. The judge could order your spouse a larger share of assets than they would have received initially. You could also face charges from the IRS.
2.Rushing the Divorce Process
There are several important decisions to be made during your divorce. Although you might be ready to get your divorce over with, you shouldn’t rush through the process. You need to carefully consider your options and make well-informed decisions to increase your chances of receiving a favorable outcome.
When you hurry through the terms of your divorce, you are more likely to make reckless choices, like agreeing to anything and everything. Additionally, it is easier to make careless mistakes, like incorrectly filling out divorce forms. These implications could not only leave you with an unfavorable settlement but could also prolong the divorce timeline.
- Not Considering the Tax Consequences
There are multiple tax issues to consider in your divorce. You will need to think about how changing your filing status will impact your taxes. The marital resident, business buy-outs, retirement accounts, pension plans, and even spousal support all have different tax regulations.
Often people overlook how property division will impact their taxes. You might think you are getting a favorable settlement in your divorce, but if you look at the tax consequences, you might change your mind. When working out a deal with your spouse, it’s important to consider how it tax laws can affect your finances.
Turn to a High-Asset Divorce Lawyer
Going through a high-asset divorce can be a complicated process. Working with a New York City high-asset divorce lawyer can provide you with all of the facts you need to make a well-informed decision about the future of your assets. The divorce attorneys in NYC at Eiges & Orgel, PLLC is here to help you navigate the process while providing compassionate representation.
Learn more about how we can help you today. Call us at (347) 848-1850 to schedule a consultation.