If you are divorcing your partner and there are valuable assets at stake, you should approach the situation carefully. Michigan divorces are not always easy. When there are high-net assets involved, deciding who gets what can get complicated.
You may be under a lot of stress and feel emotional about the changes you are experiencing because of your situation. It is important for you to stay calm and rational so you can make the right decisions and avoid problems that can affect your divorce outcome and tax situation. Take some time to learn about some common mistakes that often occur in high-net divorces to avoid making them.
Not fighting for your share
You may feel so fed up with your spouse that you are ready to agree to anything just to get him or her out of your life. This may seem like a good plan to speed things up; however, it is one that can have a negative effect on your finances. If you rush and agree to anything your spouse puts on the table, you risk not getting everything you are entitled from the division of your marital assets and your spouse receiving more than he or she may be eligible for.
Taking the blame for the situation
It does not matter who is at fault or what reasons led to the untimely demise of your relationship. Try not to feel guilty for what is transpiring. If you do, you could end up letting your emotions influence your decisions, which could put you at a severe disadvantage.
You may have reasons for not wanting your soon-to-be ex-spouse to receive his or her share of marital property and hope to mislead the courts and your former partner about them. You may even resort to transferring money to your kids and other third parties so they are not discoverable.
However, your reasons and emotions do not supersede the law. You must fully disclose all assets you and your spouse to the courts. If you intentionally omit financial information, you are breaking the law, compromising your credibility and putting yourself in danger of receiving a smaller settlement.
Because there is so much at stake in a high-net divorce, it is best to strategize your exit to minimize the consequences you may experience. Before accepting anything, evaluate the short and long-term benefits and how they can hurt or improve your post-divorce financial situation and lifestyle.