Couples with a high net worth in Wisconsin will likely have a few extra hurdles to jump over than counterparts in different net worth brackets may have. Because of this, it’s important for these couples to understand the mistakes specific to their own bracket so they can avoid costly blunders.
CNN has a list of the top ten mistakes that divorcing couples with high assets may face. It includes common critical errors like “giving too much” or “not giving enough”. For example, if one spouse feels guilty about a divorce for whatever reason, they may be more inclined to give their soon-to-be-ex more than they legally should be getting. On the flip side of the coin, some spouses may begin to guard their money and finances jealously and could end up trying to hide assets or additional income so as not to share it in the split. Letting anger interfere is also a common mistake that can lead to one person forcing the other to burn through their money, forgetting that the money belongs to both of them.
Investopedia also shows why high asset divorces are generally considered among the most difficult divorce cases to tackle. One top reason they cite is tax liability, which can often be overlooked in the heat of divorce proceedings or battles. This is a vital piece to consider, however, especially because tax-related issues will always be more pricey and impactful for couples with a lot of property, money, or finances on the line.
High asset divorces can certainly open a financial can of worms that very few want to deal with. However, thorough handling of the divorce case while it’s happening and careful avoidance of common pitfalls will save you time, trouble, and hassle in the future.