For Maryland residents going through this complex life chapter, divorce is typically no cake walk. Difficulties can arise especially within high asset separations, which can require extra time and consideration. While ex-spouses can agree on some aspects, there are other issues that seem as if they will never be resolved. Below are some typical concerns in regard to high asset divorce and some of the most commonly made mistakes.
In an article on divorce and finances, Forbes immediately recognizes that high asset divorce can come with extra baggage. Above all else, it is important to get advice from the experts. Forbes goes on to stress that investment-related interests may need to go to a professional who has keen knowledge in this area. Matters such as transfers of ownership and sales, for example, are common aspects in divorces involving CEOs. Forbes also encourages readers to assess their life insurance policies — another speed bump involving value misjudgments. Choice in lifestyles is another point of contention in high asset divorces, as the ways ex-spouses spend money will likely change after a divorce.
Because there are so many boxes to check during a divorce, it can be easy to leave some behind. CNN reviews some of the top mistakes made in high asset divorces, pointing out that hiding assets is a common but also risky choice. CNN warns that transfers from hidden assets can ultimately be considered fraudulent, and, worse, can threaten a person’s credibility in court. In a similar vein, failing to account for liabilities and assets is another poor choice many make during high asset divorce. It is vital that all important documents receive attention; doing so can secure a person’s assets post-separation. Hiring the right professional is another must, as CNN urges its audience to critically think about all important steps of the divorce process.