Frequent Mistakes in High Net-Worth Divorces

child custodyOftentimes our Arizona divorce lawyers encounter a divorce case involving an individual or marital high net-worth. These cases present unique problems in an already unpleasant situation. There are many factors that must be considered so the advice and knowledge of an experienced divorce lawyer in Scottsdale at the Law Office of Hope E. Fruchtman can be invaluable.

 

Because there is a large amount of money, property, business assets, and other items at stake in high net-worth divorces, emotions often run high which can lead to mistakes. Here are some of the most common mistakes made in high net-worth divorce cases:

 

  • Agreeing too quickly. Divorce is obviously a painful process, so people want it ended quickly. But making hasty decisions regarding terms such as alimony and division of assets, can have devastating financial consequences. Remember: It is important to thoroughly analyze and investigate the consequences of terms before finalizing your divorce decree.
  • Hiding assets. In an effort to end up with more at the end of a divorce, some spouses try to transfer funds or valuable assets to a third party such as a business entity or relative. These moves are viewed a fraudulent and often result in punishing consequences and put the fraudulent party in a dubious position in the eyes of the court.
  • Improperly accounting for assets and liabilities. Failure to properly take inventory on your financial affidavit or financial documents can result in liabilities that shouldn’t be yours or forfeiting assets or alimony that should be yours. Improperly accounting for your financial obligations or assets lease to tax consequences that you probably weren’t prepared for as well.
  • Failing to hire the right lawyer. During probably the most emotionally devastating experience in your life, it is vital to have a lawyer who is going to help you think clearly and strategically in order to protect your future.

 

At the Law Office of Hope E. Fruchtman, we have the Scottsdale divorce attorney with the experience and knowledge you need to protect your future during your high net-worth divorce. Click here or call us today at (480) 209-1918 to schedule a consultation.