When the stakes are high, you can never be more careful. A simple mistake can cost you a fortune or compromise your long-term financial security. To protect your fair share of property, avoid making these three mistakes.
Don’t overlook hidden assets
When multiple assets are involved, some spouses may try to hide assets that the other spouse is not aware of. According to West Virginia law, both spouses have to submit a detailed account of all their wealth – both marital and nonmarital properties. To make sure no asset goes unlisted, with the help of a forensic accountant, check if your spouse has:
- Foreign bank accounts
- Unreported digital assets
- Understated business revenue
Furthermore, look if your spouse has recently transferred any of their property to relatives.
Don’t make big purchases
After filing a divorce petition, you have to be watchful about your spending. Making big purchases and spending lavishly can lead to marital asset dissipation accusations. If proven, the court might force you to reimburse the spent amount or offset it using your share of property. Nevertheless, you may continue to use the marital funds for your routine and go about your day.
Don’t be overcome with emotion
High-asset divorces can be hectic and can sometimes test your patience. Sometimes, it can lead you to make decisions that can result in unfavorable asset division and devastating tax consequences. That is why you can never let your anger or frustration cloud your judgment.
Protect your financial future
Before you take any decision during divorce proceedings, it is important for you to consult with an attorney experienced in high-asset divorce cases. Working together with them, you can understand what is at stake and learn the dos and don’ts. Most importantly, they can help you draft an objective, business-like strategy that focuses on your long-term financial welfare.