Avoid These Mistakes During a High Net Worth Divorce

 Posted on May 18, 2018 in Divorce

Sources report that former NBC news anchor Matt Lauer and wife Annette Roque are likely headed for divorce. The news is not surprising considering the events of last November when Lauer, along with several other high-profile men, were accused of sexual harassment in the workplace. Lauer was fired for the alleged inappropriate behavior. Now, it appears that his marriage may also be ending. In the course of his tenure at NBC, Lauer is estimated to have made upwards of $100 million. If the couple does end up divorcing, their extravagant wealth will undoubtedly complicate the process. When high net worth couples divorce, there is much more room for expensive mistakes to be made. If you are considering divorcing your spouse and have complex assets or high net worth, read on to learn common mistakes you should avoid.

Mistake No. 1: Letting Emotions Guide Your Behavior

Of course, divorce is one of the most emotional things a person can endure. It is completely understandable that spouses feel sadness, regret, anger, resentment, or even vindictiveness. However, when you allow your emotions to be the only basis for your actions during a divorce, the results can be costly. For example, some men and women are so anxious to divorce a spouse they can no longer tolerate that they agree to terms that are not fair to them. It can be tempting to agree to whatever your soon-to-be-ex wants just to hurry along the divorce process, but doing this only increases the chances that you will not receive your fair share of marital property or support. For high net worth couples, this mistake can be extremely expensive.

Mistake No. 2: Attempting to Hide Assets

If you have complicated assets such as retirement accounts, life insurance policies, vacation homes, family businesses, overseas assets, or luxury items such as expensive automobiles or boats, you may be tempted not to report all of your assets during a divorce. However, doing this is playing with fire. If you are found to be underreporting your assets or income, your credibility during the divorce will be shattered. Furthermore, you may be forced to pay sanctions or surrender extra assets to your spouse as punishment for the deception.

Mistake No. 3: Not Employing Qualified Legal Assistance

If you or your spouse have complex assets or high net worth, you should not attempt to divorce without professional help. A divorce lawyer familiar with high net worth divorces can help you understand what assets you are entitled to and how to end the marriage most effectively. The experienced Lombard divorce attorneys at A. Traub and Associates have the skills to handle even the most complicated divorces. To schedule your completely confidential initial consultation, call 630-426-0196 today.

Sources:

http://ireport.cnn.com/docs/DOC-1074216

http://people.com/tv/matt-lauer-heading-100-million-divorce/