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Avoid these behaviors in a high-asset divorce

On Behalf of | Mar 27, 2018 | High Asset Divorce

When a wealthy couple in Virginia decides to divorce, there is so much at stake. The couple may have spent years or even decades amassing a substantial amount of financial wealth. They may own several pieces of real estate, they both may have a lot of funds held in retirement plans, they may have valuable stocks and investments and more. When it comes to divorce, even if both partners are on the same page in that they want to end their marriage, rancor can still be present and disagreements can occur throughout the divorce process. However, there are some behaviors a spouse should avoid doing, especially in a high-asset divorce.

First of all, try to keep a cool head. Divorce can be frustrating at times. However, arguing with your ex can only exasperate matters. Moreover, for parents, arguing in front of the children can harm the child. Also, if there are temporary custody or visitation arrangements, make sure to follow them to the tee.

Second, while a person may be in a hurry to put a certain amount of geographic distance between themselves and their ex, they should hold off on relocating until their divorce has been finalized. It may be tempting to move to another state if one has a good job offer there, move across the country or even overseas to be closer to family. However, such moves could interfere with the divorce process, so it is better to wait.

Property division is a huge deal in a high-asset divorce. Spouses may be tempted to give big gifts of property to others, such as relatives or friends, with the secret intention of having that person return the property when the divorce is complete. However, hiding assets in this matter is unlawful, and could lead to further court proceedings with a result that is not in one’s favor.

As this shows, a high-asset divorce can be complicated. With so much at stake, emotionally and financially, it can be hard to keep a clear head or know how to act. One thing people in such situations do to help themselves is ensuring they have the assistance of an attorney. An attorney will be familiar with state law, can represent their client during negotiations and can assist their client in making decisions that are in their client’s best interests.

Source:FindLaw, “The Divorce Process: Do’s and Don’ts,” accessed March 20, 2018