If you are facing divorce in a high-net-worth situation, you have some particular considerations to make sure you do not neglect. Your financial future is at stake as you move through your divorce, and your settlement will determine the economic parameters surrounding your divorce.
You must not leave anything to chance when it comes to a high-asset divorce. Here are some things to avoid as you move through your proceedings:
1. Do not attempt to hide assets
Sometimes one or both spouses may attempt to hide assets from the other so that a judge will be unable to consider the assets in the divorce settlement. Even if you feel tempted to take certain actions to hide assets from your spouse, do not fall prey to the temptation. There are ways to discover hidden assets, such as a forensic accountant, and the resulting penalties will not be worth the risk. Hiding assets can be done through tactics such as unreported income; delaying work raises, bonuses or stock options; and setting up new bank accounts.
2. Do not neglect documentation
A common trap that some spouses fall into is that of neglecting to properly document the value of assets that make up part of the couple's marital property. While you are still in the home, get as many documents as you can that help you prove the value of the assets that you and your spouse own. You may not have a complete understanding of how property and asset ownership will impact your future after your divorce, so you should ensure that you get as much documentation as possible while you still can.
3. Do not misuse social media
Be very careful about how you use social media during your high-asset divorce. Your spouse and his or her legal team could use any posts you make that show your spending or lifestyle as you move through your divorce proceedings in a way that negatively impacts you. Be discreet if you use social media during your divorce, and be particularly cautious about sharing details of your lifestyle that regard your spending.