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Avoiding common mistakes in a high-asset divorce

| Aug 31, 2017 | Blog |

A divorce is a complex process, and it can be even more complex when the divorce involves valuable assets and significant wealth. A high-asset divorce is difficult, even when the two parties are amicable, and there are many sensitive issues to consider when a lot of money and important assets are at stake.

If you are navigating a high-asset divorce in North Dakota, you would be wise not to allow your emotions to drive your decision making, but to be smart, practical and keep your focus on your future interests. By doing this, you can avoid some of the most common mistakes often committed by couples navigating this type of divorce.

Pursuing a strong post-divorce future

This process is difficult and emotional for all parties involved. The decisions that you make during a divorce will affect you for decades to come, and you would be prudent to lead with discretion in order to avoid mistakes that could negatively impact your finances and stability. To avoid mistakes, you may find it beneficial to do the following:

  • Do not allow feelings such as guilt or anger to be the driving force behind your decisions and negotiations.
  • Avoid the impulse to accept a less-than-favorable negotiated settlement just so you can get through the divorce faster.
  • Consider the tax consequences of retaining certain assets, such as real estate.
  • Do not attempt to hide assets or disclose false financial information. This can actually be ineffective, even detrimental to meeting your objectives.
  • Take the time to think through everything and thoroughly investigate the impact of any decision in order to avoid future problems.

Navigating complex financial matters could be the most difficult part of your divorce. However, with knowledgeable guidance, it may be possible for you to secure a beneficial outcome that allows you to have a strong post-divorce future.

The right way to divide assets

There is no one-size-fits-all solution to your divorce concerns. You need a settlement that suits your unique needs and meets your objectives. From the very beginning of the divorce process, you may pursue certain things that allow you to have the best future after it’s over.

The pursuit of your best future begins as early as possible in the divorce process. You may find it useful to seek guidance regarding your property rights and the best way to protect your interests. The end of your marriage is difficult, but this does not mean that you will lose all of your valuable property or your financial stability.

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