There are many resources available to couples going through a divorce, whether it’s amicable or contentious. But maybe your primary concern in the divorce isn’t how to deal with your spouse during the process. Instead, if you’re facing a high net worth divorce and your top priority is securing your financial future, here are some mistakes you should avoid making.
Rushing to reach an agreement
It’s no secret: divorce is stressful, emotional, and tiring. If your complex divorce in St. Paul has been a long time coming, you may be tempted to agree to anything just to get the whole process over with. This plan could be extremely detrimental to you in the long-term! You should always think both small-scale and big picture when you’re negotiating the terms of your divorce; a rush to decide may cause you to sacrifice your long-term financial success.
Not addressing intense emotions
Divorces are tough. They may not be amicable, or one party may not want the divorce while the other person is ready to end things. It stands to reason, then, that many people going through a divorce have some complicated and intense emotions about the process. The worst thing you can do with these feelings is to ignore them. Without being properly addressed, they can have a negative impact on negotiations. Try to allow yourself to be mindful and work through your emotions as they arise, don’t risk jeopardizing your ability to think clearly.
Not being aware of all assets
It can be detrimental to go into your divorce not knowing exactly what your marital assets look like. For St. Paul high asset divorces, we recommend familiarizing yourself with your total assets as early as possible.
That said, if your spouse previously handled all your investments, you may not know how those investments are currently performing. These things will be brought to light once your attorney has an opportunity to access the relevant information, but it’s still beneficial for you to have an idea of what you’re working with if possible, so you can manage your expectations during your high net worth divorce negotiations.
Not properly valuing businesses and other interests
This tip goes along with the previous one because it’s important information for you to have before you start serious negotiations. It’s crucial that you have a professional accurately value your assets, so you can be sure your divorce agreement is equitable. If your businesses, investments, and real estate are improperly valued, you may be persuaded to agree to an unbalanced distribution of marital assets. High-asset divorce attorneys in St. Paul will be able to recommend individuals or companies that will properly value your businesses and property.
Letting your friends and family weigh in
The people close to us want the best for us, and they often offer helpful advice. However, every divorce is totally unique and will need to be approached in a manner tailored to your circumstances. Your great uncle or your golf buddy might be happy with the path they chose during their divorce, but don’t let what they have to say sway you from making the right choices for yourself.
Hiring an attorney who doesn’t have high net worth experience
When your financial future is on the line, you will want to work with someone who understands the high stakes of your divorce. Some attorneys may not have experience with high net worth divorces in St. Paul. Don’t choose the first lawyer with whom you consult; just because a St. Paul family law attorney has experience working with divorcing couples doesn’t mean they will be able to guide you through this process properly. Interview potential attorneys before making such an important financial decision.