Filing for a divorce is never easy. Filing for a high net worth divorce, however, comes with a set of unique challenges that one might not be facing in a typical divorce. Because there are more assets in these types of divorces, the stakes are higher – during a high net worth divorce, handling matters such as property division and alimony can be much more difficult. In this blog, our Las Vegas divorce attorney shares the most common mistakes that occur in high net worth divorces.
No matter how you slice it, hiding assets is never worth it. Many spouses hide assets in an attempt to keep them from being divided. Regardless of the reason, hidden assets are almost always uncovered during the discovery process, and those caught hiding assets are often found in more legal trouble than they bargained for.
Failing to Investigate
This mistake often goes hand-in-hand with hiding assets – if you suspect that your spouse is hiding assets, it’s strongly recommended that you investigate. Failing to investigate can cost you significantly more in the long run. If you feel as though there are assets being concealed, you should not hesitate to bring this to your divorce attorney’s attention.
Ignoring Tax Consequences
Taxes are always a big contender in divorce proceedings, and it’s important that your taxes don’t go unnoticed. When high dollar figures are at stake, as they are in high net worth divorces, taxes can have a dramatic impact. Any assets or alimony payments you receive as part of the settlement are subject to being taxed, which can affect your current budget.
At Leavitt Law Firm, we understand the importance of properly protecting assets during a high net worth divorce. Our Las Vegas divorce lawyer has more than 20 years of experience assisting clients through the complexities of the divorce process.
We’re ready to hear from you. Call (702) 996-6052 today to request a case evaluation.