The stakes are high in any divorce. During a divorce, decisions are made that will affect the course of the rest of your life emotionally, practically, and financially. The stakes are even greater – and more complicated – in a high net worth divorce. Complicated ownership “schemes” of significant and diverse assets can make it easy to conceal, and mis–value assets or manipulate the martial finances in a way that can be prejudicial to the parties’ rights.
Here are three big mistakes that parties in a high net worth divorce can and do make:
- Concealing assets. If you try to hide the ball and keep assets out of the reach of your spouse by making fraudulent transfers or gifts, failing to disclose accounts, or failing to report income on tax returns, you will likely be found out. Transfers will be set aside and your attempts to conceal assets could have negative effects in your divorce proceedings.
- Failing to discover concealed assets. Both parties to a New York divorce are required to make full disclosures of their assets, liabilities, and expenses. But trust is hardly the operative word when it comes to ensuring that your spouse’s representations are truthful and accurate. It is crucial that you have a divorce attorney who understands the many way assets can be concealed in a high net worth divorce and who will be tenacious in uncovering any attempts to manipulate financial disclosures.
- Of course you want your divorce to be over as soon as possible so you can move forward with your life. But unravelling complicated finances and ensuring that all cards have been laid on the table can take time. If your highest priority is speed at the expense of thoroughness, you can be costing yourself enormous sums to which you would otherwise be entitled.
Daniel Clement: Experienced New York and New Jersey Divorce Lawyer
At Clement Law, we provide with you experienced and effective representation in your divorce and family law matters. We guide our clients through divorce and help them achieve results that protect their family, and their family’s future, after the divorce.
Contact us or call (212) 683-9551 to arrange for a consultation. We look forward to helping you.