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January 24,2023

Divorce, High Net Worth Divorce, Property Division

Goodman Law Firm

Mistakes to Avoid in a High Asset Divorce

HomeBlogDivorceHigh Net Worth DivorceMistakes to Avoid in a High Asset Divorce

Divorce proceedings can be a stressful time for many, especially when it comes to those with considerable assets in a high-asset divorce. Knowing and understanding the tax implications and financial planning ramifications of divorcing is key to avoiding mistakes and missteps for couples divorcing. Failure to plan adequately could lead to long-term repercussions, making it even more challenging to return to financial stability after the divorce.

The following blog will explore common mistakes made by divorcing couples who share considerable assets and multiple properties and qualify as high-net-worth couples.

Common mistakes made by high-net-worth couples

  1. Accepting the first settlement offer

Divorce settlements must be more balanced to avoid a problematic situation for spouses. It’s understandably tempting to take the first offer, with many wanting to be done with it quickly and move forward. But it’s important to recognize that finding closure as soon as possible doesn’t necessarily mean settling for less than you deserve. High net worth couples in Illinois have a combined liquid asset amount that is over one million dollars. Such assets can become contentious during a divorce and moving forward too soon can reduce equal division.

Consulting with an experienced divorce attorney can provide crucial information on a fair division of wages and assets. They can also provide the guidance needed to arrive at a satisfactory solution.

  1. Manipulating income or hiding assets from a spouse

Financial division and complex property division can quickly become some of the most contentious aspects of a divorce. While hiding assets or manipulating an income during a divorce process may feel tempting, it is never a good idea. Lying and manipulation during a divorce cause a person to lose credibility and potentially receive penalties from a court. 

Being open and transparent during divorce proceedings will encourage both parties and legal representatives to quickly and effectively move forward to finalize a divorce. 

  1. Representing yourself and not hiring a lawyer

When it comes to one of the most important decisions of your life, it pays to do your research and choose wisely when selecting an Illinois divorce attorney. Even if you heard your friend had a good experience years ago, remember that times have changed – you need someone with a skilled reputation and resources who can help you successfully navigate the challenges of getting divorced. 

Your financial future is far too valuable to leave up to chance. The ultimate goal should be to find an attorney with whom you feel comfortable discussing everything openly and honestly. Doing your due diligence will help ensure that half-measures won’t anymore stand in the way of achieving the best possible outcome for your situation.

Contact Goodman Law Firm to represent you during a high-net-worth divorce

Finding the right experienced divorce litigator to help protect your financial interests in a complex marital estate case takes work. With offices conveniently located in Oak Brook, Naperville, Wheaton, and Chicago, our firm is well-equipped to provide expert consultation in your unique situation. 

Goodman Law Firm has decades of experience assisting clients to reach an equitable financial settlement in a wide range of cases. We are dedicated to providing top-notch legal service with integrity and respect. Contact us today to request a complex marital estate consultation!

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