Terzich & Ort, LLP
Make Your Consultation Appointment Today.
View Our Practice Areas

Avoiding financial mistakes during a high asset divorce

The end of a marriage can be a rough time for any couple. This can be especially true for wealthy couples A high asset divorce often means taking the time to assess all personal and marital assets and property. This can be a complex process, and if a prenuptial or postnuptial agreement is not in place, it could be a lengthy property division procedure as many couples dispute over who gets what.

In many instances, these divorcing couples just want to get through the process as quickly as possible. While this is understandable, rushing property division can lead to mistakes that cost an individual big time in the short and/or long-term. Thus, it is imperative that divorcing individuals understand the common financial mistakes that could occur during a high asset divorce.

Depending on the situation, such as whether family businesses are involved, it is often advisable for divorcing individuals to consult with financial advisors and accountants. These individual could help with asset valuation and even uncover all assets and property involved in the process. Failing to take the time to understand what property is involved could result in an individual losing out on property to which he or she is entitled. Additionally, acquiring help from these professionals could help uncover whether or not a spouse is hiding assets.

By taking your time through the divorce process, mistakes can be avoided. Spouses may locate missing money, understand their tax basis, take the time to separate joint accounts and change beneficiaries, protect retirement accounts, and understand which jurisdictions apply in the matter. These matters are all key to establishing a strong foundation for post-divorce life.

While high asset divorces can get messy, just like any other divorce, they tend to be more complex as they include more assets and property. Therefore, those going through the process should take the time to understand their rights and how they could achieve a favorable and timely divorce decree.

Source: The Fiscal Times, "6 Money Mistakes to Avoid When You're Getting a Divorce," Kelli B. Grant, Aug. 26, 2016

No Comments

Leave a comment
Comment Information
  • Super Lawyers
  • The National Top 40 Under 40 Trial Lawyers
  • Minnesota's Best Lawyers 2016
  • Top 50 Woman Attorneys In Minnesota 2016
  • Avvo Rating 10.0 Superb Top Attorney Family
Email us for A response

How Can We Help You?

Use our Dissolution strategy worksheet to prepare for your first meeting.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

11284 86th Ave
Maple Grove, MN 55369

Phone: 763-391-7354
Fax: 763-391-7589
Maple Grove Law Office Map