3 Mistakes to Avoid Making During a High Asset Divorce in Wisconsin

 Posted on January 18,2021 in Family Law

For the most part, the divorce process itself is not difficult; if a couple has only been married for a couple of years, does not have children, and does not have many assets, the process could be completed in a matter of weeks. However, most divorcing couples have been married for at least a couple of years, meaning they are more likely to have gathered and intermingled more assets, which can make the divorce process longer and much more tedious. The more assets you and your spouse have to deal with, the more complex your divorce case will become. High asset divorces bring their own set of issues and difficulties to the process. Below are a few of the most common mistakes that couples make during a high asset divorce in Wisconsin. 

1. Not Investigating for Possible Hidden Assets

One of the requirements at the beginning of the divorce process is that both you and your spouse fully disclose all of your financial assets. However, not everyone is truthful when it comes to disclosing their assets. It is illegal for your spouse to intentionally hide assets from you, as Wisconsin law states marital assets should be divided on a 50/50 basis.

2. Not Hiring a Divorce Financial Analyst

In high-asset divorces, there is often a healthy mix of the number and types of assets and accounts that you possess and that must be divided in your divorce. The average person is not going to know right away what the specific consequences of each financial decision are, which is why hiring a certified divorce financial analyst (CDFA) is recommended for high asset divorces. A CDFA can help you understand how your choices will affect your financial future.

3. Settling Simply to End the Divorce

Some high asset divorces can manage to be fairly civil, while other couples simply are unable to be amicable and disagree nearly every step of the way. It can feel exhausting and draining, both emotionally and financially to have to go through so many negotiations, but it is important that you stick it through until the end. Settling for any offer just so you can be done with divorce could result in you not getting your fair share of marital assets.  

Contact a New Berlin Divorce Lawyer Today

So many of the decisions that you make during your divorce will affect your financial well-being right after and well after the divorce is finalized. When it comes to high asset divorces, much more is at stake, with more of a risk of making mistakes. At Bucher, Wolff & Sonderhouse, LLP, our trained Waukesha County divorce attorneys are committed to helping you and your spouse find a solution for your asset division issues. To get started discussing your case, schedule a free consultation by calling our office today at 262-232-6699.

Sources:

https://docs.legis.wisconsin.gov/statutes/statutes/767/VII/61 

https://www.forbes.com/sites/russalanprince/2014/12/01/getting-the-most-from-a-high-dollar-divorce/?sh=608433187d66