Posted by Jennifer V. Abrams on 08/13/2020

Costly Mistakes in a Las Vegas High Asset Divorce

Costly Mistakes in a Las Vegas High Asset Divorce

High asset divorce cases are always complex marital law matters. And the more assets there are, the more complex the divorce case becomes. You should contact an expert for high asset divorce cases. The risks at stake are substantial when dealing with high value shared properties. This article discusses some costly mistakes that people generally make when going through high asset divorce cases.

1. Not Considering Tax Implications

One of the common mistakes during high asset divorce cases is overlooking the tax implications. Owning a financial property after divorce will most certainly result in a tax. You need to talk with your Las Vegas divorce lawyer about tax payable on the properties.

You should also consider how your tax status will change after a divorce. You will most likely be in a different tax bracket after obtaining a divorce. In addition, certain tax benefits will no longer qualify when the divorce is finalized. 

Taking tax implications into account will ensure that you don’t get any surprises from Uncle Sam when a high asset divorce case is finalized.

2.  Agreeing to Terms Quickly

In a bid to end the divorce case quickly, some people accept terms without careful consideration. However, this often leads to unfavorable outcomes. You should never be hasty when so much is at stake during a high-value divorce case.

You should not be impatient and needlessly give away assets in a mad dash to wrap up the divorce case. Always consult with your Las Vegas divorce attorney so you understand all the pros and cons before signing any divorce documents. This can help ensure that your best interests are protected in a high-value divorce case.

3. Not Making Accurate Valuation

Another common mistake in high-value divorce cases is not making an accurate valuation of the property. You should consider both the present and the future property value when determining the worth of the asset.

A property division will be against your interest if your ex-spouse receives assets with higher growth potential. You can end up on the losing side of the bargain if you don’t evaluate the properties properly. Taking the effort to properly value your asset will ensure that your interests are protected in a high asset divorce case.

4. Not Doing Proper Investigation

A lot of times one spouse might try to hide the marital assets. You need to make sure that your ex is not hiding assets from you at the time of divorce. If you have any concerns you should ask your Las Vegas divorce lawyer to investigate whether your ex-partner has hidden assets such as:

  • Foreign bank accounts
  • Business assets bought with marital money
  • Marital asset invested in a business or loaned to a friend
  • Undisclosed retirement account
  • Secret luxury item collection
  • Undisclosed foreign real estate

 Contact our Las Vegas divorce attorneys if you want expert legal help regarding a divorce case. Contact us at 702-221-4021 today to know more about the divorce process.

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