Avoiding Serious Mistakes During a High Asset Divorce
Divorce is a complex process for couples, but it can be particularly complicated for those with significant assets or considerable wealth. Decisions made during the process of ending a marriage are especially important as they will have a direct impact on an individual’s financial future. Illinois couples of all income levels can gain valuable insight for their own situation by considering mistakes commonly made during a high asset divorce.
One of the most common mistakes is allowing emotions to overrule clear thinking during a divorce. It is tempting to allow anger and hurt to be the driving forces behind decisions, but this will only lengthen the divorce process and add undue stress for all parties. It is also important to set practical goals regarding child custody and property division. For instance, if the marriage only lasted for two years, it may not be reasonable to expect that all assets, particularly those in possession before marriage, to be divided evenly.
For couples with significant income or assets, it is beneficial to consider drafting a prenuptial agreement before marriage. If the marriage has already taken place, a post-nuptial agreement may be a wise course of action. Making the effort to have certain legal protections in place may save any Illinois couple, wealthy or not, the cost and tension of divorce litigation.
It is important to work with a lawyer who understands the goals of his or her clients. A knowledgeable legal ally can provide an honest assessment of the particular situation and help the clients have realistic expectations. This type of assistance and preparation is invaluable during the complex process of a high asset divorce or any other family law matter.
Source: parade.com, “Celebrity Divorce: Attorney Shares the Biggest Mistake Couples Make“, Dr. Nancy Berk, Aug. 7, 2015