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High Point Plaza, 4415 West Harrison Street, Suite 213
Hillside, IL 60162

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Avoiding Common Mistakes in Your High Asset Divorce

Posted on in Divorce

Illinois divorce lawyerDivorce can be contentious and painful for anyone, but couples who have a high net worth can be especially at risk for compounding issues. Some divorces may even place the parties at risk for financial devastation. Learn how to reduce your risks by understanding how to avoid some of the most common mistakes made in high asset divorce.

Settling for the Sake of Settling

High net worth divorce negotiations can be draining, arduous and contentious – so much so that even the most patient of individuals may be tempted to accept an early settlement offer. Unfortunately, doing so may mean leaving behind money or assets that you may have otherwise been entitled to in your divorce. Avoid making this mistake by consulting with your attorney before accepting an offer.

Failing to Consider Tax Consequences

Not considering the tax consequences of each aspect of your divorce settlement can lead to significant and long-term financial complications. For example, taking alimony instead of negotiating a higher child support amount could mean losing money on your annual tax return. Alternatively, paying more child support than alimony could mean a lower deduction for paying spouses. Before you make any decisions about your divorce, consult an attorney and, if necessary, a financial advisor about the potential tax consequences of your divorce.

Missing the Signs of Hidden Assets

While hidden assets can occur in almost any divorce, couples with a high net worth are especially at risk. That risk can increase exponentially if there is a closely held business, or if one spouse has been kept in the dark about their finances during the marriage. If you are a disadvantaged spouse, watch for:

  • Sudden debts without a change in living conditions or expenses;
  • Purported business troubles;
  • Overpayments on credit card accounts;
  • Frequent trips to countries with lax tax laws;
  • Disappearing documents or information; and,
  • Strange purchases.

If you notice any of these signs or otherwise suspect that your spouse may be hiding assets, make sure you talk to your divorce attorney about your concerns.

Not Obtaining Experienced Legal Assistance

Every divorcing party should have the assistance of a lawyer, but the aid of an experienced attorney is even more crucial in high asset divorce cases. Backed by more than 30 years of experience, the Law Office of Vincent C. Machroli, P.C. has the knowledge needed to handle your case efficiently. Schedule your consultation with our experienced Hillside, IL high asset divorce lawyer by calling 708-449-7400 today.

Sources:

http://www.theglobeandmail.com/globe-investor/globe-wealth/note-to-wealthy-people-considering-divorce-stay-out-of-court/article34321184/

https://www.forbes.com/sites/jefflanders/2012/03/20/21-signs-that-your-husband-may-be-hiding-marital-assets-during-your-divorce/#4f98c19e1a89

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