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High net worth and high emotions may mean poor decisions

On Behalf of | Jan 2, 2017 | high asset divorce |

A divorce often involves high emotions, including anger, resentment, sorrow and guilt. These emotions often provide the worst frame of mind for making important decisions, yet decisions are what divorce is all about. Those facing a divorce in Michigan may already be allowing those feelings to influence their actions, and this can lead to mistakes they will regret, especially if the divorce involves high net worth.

One common mistake people make is to rush the process to get it over with. People may agree to any terms because they feel guilty or they just want their spouses out of the picture, but this could mean losing substantial assets or alimony to which they are entitled. In a high asset divorce, there may be assets about which one spouse does not know. By failing to investigate that possibility, one may find himself or herself struggling financially after the divorce is over and the emotions settle.

It is important to approach the divorce as a business arrangement. When substantial assets are at stake, making an inventory is essential. It may be tedious and overwhelming to a person who is emotionally distraught, but focusing on future benefits may make it worthwhile. In addition, certain assets may carry tax advantages while others bring tax burdens. Discussing these factors with one’s attorney will prevent one from accepting a settlement that could financially cripple one’s future.

Divorce is difficult, and dealing with high net worth complicates it even more. One’s choice of attorney makes all the difference when facing overwhelming decisions in a state of uncertain emotions. A Michigan attorney will guide one through the process while protecting one’s rights to fair asset division.

Source: CNN, “Top 10 Mistakes in High Net Worth Divorces“, Joey Battah, Accessed on Jan. 1, 2017