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Mistakes to Avoid in a High-Asset Divorce

There are mistakes every spouse should work to avoid in a Colorado divorce. The difference for high-asset spouses is that seemingly simple mistakes can have lasting future ramifications.

If you are anticipating a high-asset divorce or were recently served by your spouse, protect yourself and your assets. Read the following article about mistakes to avoid in a high-asset divorce, and contact an experienced Denver family law attorney.

Planning and Preparation are Key

Carefully plan and prepare for your divorce. Surround yourself with a team of professionals who can advise and assist you with complex asset identification, classification, and division. 

Your divorce team should always include an experienced high-asset divorce attorney and possibly a tax consultant. The following professionals may also play a valuable role in your divorce:

  • A therapist or licensed counselor;
  • An estate planner;
  • A financial advisor; 
  • Real estate and asset appraisers; and
  • A forensic accountant (when hidden assets are an issue).

Consult with an attorney and build your divorce team as soon as possible. Experienced divorce lawyers will typically know qualified professionals in the areas identified above as well as others. Doing so will help to streamline your divorce process.

Mistakes to Avoid in a High-Asset Divorce

Your divorce team is in place to help you avoid high-asset divorce mistakes. These mistakes include but are not limited to:

  • Failing to inventory all of your assets and debts. Colorado equitably divides both marital assets and debts. Failing to list one or the other could cause an equitable property division in the end;
  • Not investigating your partner’s assets. Investigate to ensure the accuracy of your partner’s asset and income declaration;
  • Intentionally concealing assets. There are penalties for failing to disclose assets in a divorce. Forensic accountants can find hidden assets, and you will lose credibility in court for hiding property;
  • Making emotional decisions. Do not make quick decisions based on your feelings. Doing so can lead to financial trouble for you or your spouse. Seek counseling, and analyze any decisions before making them;
  • Ignoring tax consequences. Ignoring tax consequences can result in significant taxes on asset transfers or asset values which are significantly less than anticipated due to the tax liabilities.  Discuss property division with a tax consultant prior to finalizing any agreement;
  • Arguing just to argue. Preserving your wealth starts with making rational, well-reasoned decisions. One such decision might be to consider the cost of the battle weighed against what you hope to gain.  Battles based on “principle” may unnecessarily increase the cost of your divorce while providing no real benefit. Getting along with your spouse will also go a long way toward co-parenting if you share children.

Learn more about high-asset divorces and pitfalls to avoid by contacting an experienced Denver divorce attorney today.

Contact an Experienced Denver High Asset Divorce Attorney Today

Call Hogan Omidi, PC, in Denver now to schedule your high-asset divorce consultation. At Hogan Omidi, PC, our team of specialized high-asset divorce attorneys in Denver will work with you to find tailored solutions to your most complex divorce issues. 

Our Denver high net worth divorce attorneys can help you resolve any difficult divorce matters including property division, child custody, child support, and spousal maintenance. Hogan Omidi, PC, has represented clients throughout the state with significant assets such as Fortune 500 executives, doctors and lawyers, professional athletes, and their spouses. 

Contact Hogan Omidi, PC, to meet with one of our skilled attorneys to discuss your divorce or another family law matter. At Hogan Omidi, PC, we “wrote the book” on Colorado family law.