Divorce can be complicated, or it can run smoothly, and your actions have a lot to do with the process. If you and your spouse have substantial assets, you may worry about losing those that mean the most to you, both emotionally and financially.
If you think of divorce as if you were dissolving a business, you will approach it in a better frame of mind. To help you along, here are four mistakes to avoid.
1. Being too hasty
You may want to get out of your marriage at all costs and as soon as possible. Therefore, you are willing to agree to almost anything—waive alimony, give up assets that are rightfully yours—just to hasten the divorce process along. Remember that “haste makes waste,” and you do not want to jeopardize your financial future just to get the divorce over with quickly.
2. Preparing incomplete assets and liabilities list
When you are facing divorce, you must complete a financial affidavit and furnish financial documents. Be sure that all the information you provide regarding your assets and liabilities is up to date and accurate. Otherwise, you could end up keeping liabilities that should go to your spouse while allowing your spouse to keep assets that should be yours.
3. Ignoring the opportunity to investigate
Perhaps your spouse has been in charge of the financial side of your marriage. The more assets you have the more likely it is that not all are on the list your spouse provides. Hiding assets is not uncommon, especially in divorce among wealthy couples. You can put your mind at ease and possibly save a lot of money by hiring a professional such as a forensic accountant to perform an investigation to ensure all assets are out on the table.
4. Allowing anger to take over
If you hold a grudge against your spouse, you may be thinking about taking revenge for the hurt you have endured. However, it is best to put anger aside during a divorce because it interferes with sound decision-making.