When a couple decides to divorce, one of the most difficult challenges they face is dividing assets in a fair way. Property division becomes even more complex if you are facing a high-asset divorce. The most important thing to remember is to correctly account for all assets and income from the marriage, including community and separate property, retirement benefits and business valuation.
Of course, it’s easy to make mistakes if you attempt to account for all of these assets on your own. That brings us to the first mistake you will want to avoid if you are facing a high-asset divorce in Albuquerque, New Mexico:
Mistake #1: Failing to Consult with a Financial Specialist
Divorce is always complex, but it becomes even more so when you’re facing a high-asset divorce. You need a financial specialist to help you understand your unique financial issues before you begin settlement negotiations. A financial specialist will provide guidance during negotiations and help you understand the tax ramifications of any decisions you make. He or she will also help you forecast the long-term financial impact of your divorce so you can better plan for the future.
Mistake #2: Hoping for the Right Result Through Litigation
Money can buy you the best divorce lawyer in New Mexico, but that doesn’t mean you will receive a favorable verdict if you pursue your divorce to trial. If your divorce goes to litigation, a judge will decide the outcome, including how your property will be divided. Try mediation instead. Mediation relies on help from financial experts who can offer unbiased recommendations for dividing assets. You and your spouse will work out the terms privately, ultimately giving you more control over asset, liability and property division.
Mistake #3: Hiding Assets & Liabilities
You may be tempted to transfer valuable assets to a third party, such as a business partner, but this is fraudulent and will seriously harm your credibility in front of a judge. This puts you in a losing position. When you file for divorce, you will need to fill out a financial affidavit and provide financial documents mandated by law. Make sure all of the information you provide is accurate and current. Failing to do so could result in holding on to liabilities that aren’t yours or giving up assets you would not usually be obligated to give up.
High-Asset Divorce Lawyers in Albuquerque, NM
High-asset divorces need the attention of divorce lawyers experienced in working the nuances of a high-asset divorce. Cortez & Hoskovec is home to Albuquerque divorce lawyers who relying on a team of highly experienced financial specialists and forensic accountants to help you protect your assets and resolve your divorce as quickly as possible. To meet with our Albuquerque, New Mexico divorce attorneys, contact us at 505-247-1726.