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3 big mistakes wealthy divorcees make

Few New Jersey couples go into a marriage expecting that it will end in divorce. While a prenuptial agreement can be made to protect both parties in the event that a divorce does occur, not everyone has the foresight or time to take this step. If such an agreement was not put in place and a divorce is imminent, three big mistakes can negatively affect the outcome of the divorce, particularly for high-asset divorcees, according to a recent piece on the subject.

One of the first mistake that many individuals going through a high-asset divorce make is believing that court is the only way to get what they want. This is not usually the case, according to a financial analyst, who stated that settling the matter privately is often more efficient and effective.

The second mistake is for the divorcing person to take advice from friends and family. While they generally mean well, most friends or family members lack the nuanced understanding of the law and the financial implications involved in handling complex assets. Divorcing individuals with sizable assets are advised to seek only emotional support from their well-meaning social network and leave the legal advice to their attorneys.

Finally, many wealthy divorcees fail to adequately address their complete financial situation. For example, many may fail to grasp the long-term tax ramifications of their divorce settlement. A financial divorce specialist can help provide financial advice throughout the process that complements the recommendations of one's attorney.

Going through a divorce can be emotionally and financially exhausting. In some cases, both individuals go through mediation to see if asset division can be done outside the court and without contention. If mediation fails, however, an attorney could help a high-net-worth client properly evaluate assets and help negotiate an appropriate amount for alimony or child support if the couple had children.

Source: Forbes, "Three Of The Biggest Mistakes The Wealthy Make When Divorcing", Russ Prince, June 09, 2014

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