There is a lot at stake in a high asset divorce. As some couples in Kentucky may find, issues involving property division and spousal support become more complex for couples with a high net worth. After all, complex assets such as businesses, real estate, stock portfolios and others need to be divided, and an appropriate amount of spousal support needs to be negotiated. This can be a complicated process that couples may not want to try to handle alone. In these situations, the advice of a Louisville divorce attorney can prove to be invaluable.
Trying to Rush the Divorce Process
So what are some common mistakes couples may make in a high asset divorce? One mistake is trying to rush the process. Couples who are experiencing a great deal of animosity or who have fallen in love with another person may be eager to simply get the divorce out of the way so they can move on with their lives. However, immediately agreeing to any terms of a divorce just to get it over with, could have serious financial repercussions. As tempting as it may be, try not to rush through a divorce but instead take the time to work through all the aspects of divorce with your best interests in mind.
Hidding Assets
Property division is an important part of a high asset divorce. When emotions run high, some individuals may try to hide assets from their ex in order to gain an advantage during the property division process. For example, they may try to hide an asset by transferring the asset to another individual. However, such transfers may be deemed to be an act of fraud by a court, costing the individual both the property and his or her reputation. Moreover, if a spouse either purposely or inadvertently fails to completely account for all of his or her property or debts, this could negatively affect that spouse during the property division process.
These are only some issues that may come up in a high-asset divorce in Kentucky. Couples facing a complex divorce may find that they need to seek the advice of a legal professional to help them keep a clear head during what is understandably a very emotional time.
