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What's the worst mistake I could make in a high-asset divorce?

Most people would rather have as much wealth and abundance as possible. However, when it comes to divorce, a large marital estate means more complicated divorce proceedings. Indeed, divorce may be one of the few arenas in which the less you have the better off you are.

As you might imagine, when trying to estimate the value of different assets and property -- and when trying to figure out who should get what -- it's easy for high net worth spouses to make costly mistakes during their divorce proceedings. This begs the question: What is the absolute worst mistake a high net worth spouse could commit in a divorce?

The worst mistake that anyone could make is actually a highly illegal act, and it involves hiding assets. It's not uncommon for a well-to-do Nevada spouse to transfer money and other assets into secret bank accounts in an attempt to obscure assets that should be a part of the marital estate. Spouses may also refrain from sharing information in order to gain an advantage during asset division proceedings.

Any behavior that attempts to hide wealth from another spouse will be viewed unfavorably by a Nevada divorce court. Spouses found guilty of hiding assets during divorce could find themselves in serious criminal trouble. They could also find themselves being financially punished by a family law court, which would favor the lawfully-acting party when making divorce-related decisions.

If attempting to hide assets during divorce is the worst mistake, the second mistake would happen when a spouse refrains from investigating a spouse who might be hiding assets. Many spouses have suffered severe financial consequences because they never discovered that their spouse was hiding assets from them. Fortunately, a Nevada divorce attorney who is experienced with representing spouses in high net worth divorces will be skilled at tracking down and identifying hidden assets.

Source: Investopedia, "Why are high net worth divorces considered more challenging than other divorce cases?," accessed July 19, 2017

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