Avoid These High-Asset Divorce Pitfalls
If you are going through a high-asset divorce, the pressure can feel overwhelming. In high asset divorces, there is a minimum of $1 million of shared liquidated assets on the line, so both parties can feel like there is an incredible amount at stake. In high-asset divorces it is especially important to consult with an experienced Tampa, Florida divorce attorney as soon as possible. This means scheduling a consultation as soon as you begin considering divorce, rather than waiting until you are ready to file or have already been served with divorce documents. Your lawyer will help you to navigate the divorce process, which can be far more complex and present unique challenges when such a high amount and variety of assets are involved.
Common High-Asset Divorce Pitfalls
- Depleting Marital Assets in Court. While it is entirely understandable that you may not believe it is possible to work through things amicably with your ex, litigating all issues relating to your divorce in court comes with a hefty price tag. In fact, litigation is the most expensive service that divorce attorneys offer. For this reason, the more time that you spend in court arguing with your ex, the less assets there will be to argue over, and the less you will be entitled to receive in your divorce settlement. If you want to preserve your marital assets and get the maximum divorce settlement possible, it is critical to try other means of arriving at agreements with regard to all aspects of your divorce. Mediation is often the best option, as it is low cost compared to litigation, and can be expeditious. Additionally, there is no down side to trying it, and the majority of mediations are successful.
- Cutting costs in all the wrong places. When most people think about divorce they see dollar signs. Divorce can be costly, and it makes sense that you may want to try and cut costs where you can. However, do not cut costs at the expense of quality representation, or that will cost you the help of experts that could seriously impact the outcome of the trial. It’s important to have a strong team on your side when going through a high-asset divorce, and it can be an investment in your future and a means of preserving your assets rather than depleting them.
- Failing to prevent marital waste. You may not want to think the worst of your ex, but it’s important to protect yourself and your assets. It is common in high-asset divorces for one spouse to try and deplete shared marital assets in order to minimize the amount that they will have to share with their ex. For this reason, it is critical to check all financial accounts for suspicious activity, and to utilize the assistance of a forensic accountant.
Schedule a Consultation with Bubley & Bubley, P.A. Today
If you are going through a divorce with significant assets involved, it is important to make sure that you have dedicated legal representation on your side to protect what you have worked so hard to accumulate. Contact the Tampa divorce lawyers at Bubley & Bubley, P.A. today to schedule a consultation.