Avoid These Common Mistakes in an Illinois High Net Worth Divorce

 Posted on November 27, 2019 in Divorce

The financial aspects of divorce can be an additional stressor for those in the process of ending their marriage. For some, this stress comes from worrying about the cost of divorce. But for couples who have money to spare, their extensive assets can actually be the root of the divorce anxiety. During divorce, couples who have a high net worth have a few different issues that many other couples typically do not have to worry about. If you are going through a high net worth divorce, here are a few mistakes you should try your best to avoid:

Concealing Assets From Your Spouse

Trying to hide assets from your spouse is not uncommon in high net worth divorces. This is possibly one of the worst mistakes you can make, because not only is it unfair, but it is illegal. During divorce negotiations, you are required to be completely truthful with your spouse and their attorney. If you do not fully disclose all aspects of your finances during the discovery process, including the income you earn, the assets you own, and the debts you owe, you could end up paying a lot more than what you would have originally, causing you to lose the assets you were trying to protect.

Forgetting About Tax Issues

Getting a divorce involves a lot of financial decisions that can affect you for the rest of your life. One thing you must keep in mind when making these decisions is how it will affect your taxes after the divorce papers are signed. With the many financial aspects of divorce, there are tax implications that can come up in the future. Issues such as spousal support can affect the amount of taxes that you pay, along with 401(k) distributions or selling certain assets.

Not Consulting With a Financial Advisor Prior to Settling

Any divorcing couple can benefit from hiring a financial advisor while they are going through the divorce process. For couples who have a high net worth or extensive assets, a financial advisor is crucial to making sure you deal with your assets in a sensible manner. These professionals can help you understand all of the implications for each financial decision you make to avoid mistakes during the asset division process.

Call a Wheaton, IL High Asset Divorce Attorney for Help

Regardless of your financial situation, it is crucial that you have an experienced divorce attorney on your side. In divorces involving couples who have a high net worth and extensive assets, it is not uncommon for issues such as child support and spousal maintenance to be above and beyond what the standard guidelines call for. At the Goostree Law Group, our DuPage County high net worth divorce lawyers can make sure every aspect of your divorce is taken care of. Call our office today at 630-364-4046 to schedule a free consultation.

Sources:

https://www.chicagobusiness.com/custom-media/wealth-divorce-roundtable.html

https://www.forbes.com/sites/davidrae/2018/10/25/divorce-financial-mistakes/#677c3f9c7eda

https://www.dmagazine.com/sponsored/2018/11/the-high-net-worth-divorce/