If you are part of a high-net-worth couple, it can be easy to feel that a few dollars here and there does not matter when it comes to your divorce. It could be a big mistake.
You cannot guarantee that you will always have ample income. Many successful business people have found that out the hard way this year. Their hugely successful businesses have ground to a halt overnight. Instead of watching their bank accounts grow, many have been forced to declare bankruptcy.
So, when negotiating the financial aspect of your divorce, be prudent. Ensure you secure your future. These are some things to do to avoid losing money:
- Make sure all assets are accounted for: Make sure your spouse is not hiding assets, especially if they are the one that earns most of the money or controls it. Make you sure do not hide any either.
- Get good tax advice: The more you have, the easier it is to fall foul of tax regulations. Subtle differences in your divorce settlement could leave you open to far more tax. Remember, different types of assets may be subject to different taxation.
- Treat divorce as a business transaction: Keep emotions out of your negotiations. An experienced attorney can provide objectivity if you struggle with this.
- Stand your ground: Do not give in too easily to the other person’s demands. Even though it might be easier to get the divorce over with, it sets a bad precedent and could leave you short in the future.
Do not try to negotiate your divorce alone. There are far more aspects to consider in a high-asset divorce, and the cost of mistakes can be high.