Divorce is never easy—but when significant assets are involved, the stakes are even higher.
Here are five common (and often avoidable) mistakes that can jeopardize your financial future 💷
➡️ 1. Undervaluing Complex Assets
Private equity, business interests, stock options, and real estate portfolios require expert valuation. Skipping this step can lead to a dramatically unfair settlement. A lot don’t want to spend the money on expert interventions but it could make all the difference.
➡️ 2. Letting Emotions Drive Financial Decisions
Revenge spending or clinging to assets for sentimental reasons often backfires. Aim for a strategy—not a reaction. There is no getting away from how emotionally hard divorce and separation can be, but once the initial dust has settled, thoughtful strategy always trumps reaction.
➡️ 3. Failing to Investigate Hidden or Undisclosed Assets
In high-net-worth cases, transparency isn’t always a given. A forensic accountant can uncover assets that aren’t on the surface.
➡️ 4. Overlooking Tax Implications
Not all assets are equal after taxes. What looks like a 50/50 split on paper could be far from equitable in practice. Tax is an often overlooked aspect. An excellent divorce, goes hand in hand with excellent tax planning.
➡️ 5. Neglecting to Update Estate Plans and Beneficiaries
After a divorce, your estate plan and financial directives must reflect your new reality—or risk unintended consequences. Having a good private client lawyer in your team as you go through this process can be invaluable. A must have member of your divorce team in my view.
High-net-worth divorces require high-level strategy. The right legal and financial guidance can make all the difference. Get the right team around you from the start with a lawyer who works collaboratively with other professionals all fighting your corner.
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