Mistake couples make in a high asset divorce

On Behalf of | Jul 30, 2021 | Divorce

In a perfect world, you and your then-spouse-to-be would have signed a prenuptial agreement. However, this did not happen. Colorado also accepts a post-nuptial agreement. Once again, you did not do that. Now, you have to deal with the problems a high asset divorce presents.

Failing to make a complete financial disclosure

If you have a lot of real property and other assets, it is easy to forget to list all of them. However, this will create problems when it comes to buying out your spouse’s share in a high asset divorce. You may find that you are paying more taxes than you should because you bought property you did not need.

Leaving it to the judge

Do not wait for your day in court. It saves you money, aggravation, and time to reach an agreement ahead of the scheduled court date. Mediation is an excellent tool that could help you decide on how to divide the assets. If you fail to do so, you might be looking at a lengthy suit that will cost you more than some assets are worth.

Taking financial advice from people you would not have asked for it before the divorce

Once friends and family members know that you filed for divorce, they will offer input. Even though they want to help you, take their advice with a grain of salt. If you had not enlisted their assistance for financial advice before the court action, do not start doing so now. Instead, work with the financial advisors and certified planners who know your full financial picture.