Ending a marriage is never easy. The processes are the same for all divorces in Colorado, no matter what assets and elements are involved, so that makes things a little easier. However, when it is a high asset divorce, there is a lot more at stake.
Just like any type of divorce, mistakes can happen. This is especially true due to all the financial and emotional issues involved. In a high asset divorce, though, any mistakes can be very costly in nature.
A lot can go wrong. If you are dealing with a high asset divorce, here are some mistakes you need to avoid.
Getting Advice From Family and Friends
It may seem great your loved ones want to give you advice about your divorce, but the truth is no two divorces are the same. What they went through will not be the same for you, especially if you have a high asset divorce. Plus, you can bet your friends and family members are not well-versed in Colorado law. Use your loved ones for emotional support as you go through the divorce, but do not rely on their advice when it comes to legal matters. You should be getting legal advice from your lawyer.
Not Having Proper Documentation
Good documentation is one of the most important things you can have when going through a divorce. Your divorce attorney, financial planner, mortgage lender, and CPA, will need accurate and reliable financial information in order to protect your interests. Therefore, you need to make sure you have records on all assets. Document everything. You cannot have too much information. This will make the process much easier.
Not Understanding Your Financial Situation
Some people go into divorce thinking they can maintain their current lifestyle for the long term. This cannot always happen if there is not enough income and assets to go around. Remember, in a divorce, one household is split into two. A lot more resources will be needed to support two households. Do not think you can continue spending money like water. Start getting a budget together now based on your income only.
Keeping the Marital Home
Many people want to keep the marital home due to the emotions involved. Plus, it is seen as a source of stability. Again, though, you need to come to terms with your financial situation. Housing expenses include not only the mortgage, but also property taxes, homeowner’s insurance, utilities, and maintenance costs. Ask your lawyer or financial planner if they think you can afford it.
Contact Us Today
Division of property becomes challenging in a high asset divorce. There are many more assets involved and they are of high value.
At Tanis McGonegal Family Law, P.C., we understand that dividing a complex marital estate can require the assistance of outside financial experts, such as tax attorneys, CPAs, and business valuation experts. We have a history of working with the necessary experts to help you effectively resolve your issues. Schedule a consultation with our Colorado divorce lawyers today. Call (303) 465-4605 or fill out the online form.
