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Mistakes to avoid when approaching a divorce

Individuals in North Carolina who are going through a high-asset divorce might need to take certain steps to avoid an unfavorable outcome. Many individuals who going through a divorce might make a number of mistakes that can affect their financial futures.

One way to protect a person's assets might be the use of a prenuptial agreement. These documents may contain guidelines for the division of assets if the marriage ends. However, many individuals do not plan for a divorce prior to the wedding, and in some cases, the ownership of wealth generated during the marriage can be contested. Some couples may choose to rely on court rulings for an equitable and beneficial outcome, but according to a certified divorce financial analyst, couples may benefit from pursuing other ways of resolving disputes. Avoiding litigation also has the added benefit of maintaining the former couple's privacy.

In some cases, one party might fail to plan for the financial realities that accompany of a divorce, and some could be tempted to seek advice on technical issues from friends and family member who may not have a full understanding of how the process works. The managing partner at a family law firm suggests that couples try to obtain advice regarding the divorce from individuals who work in the field rather than take advice from well-meaning friends. Financial professionals might help a client focus on the economic impacts of the process and plan for the future after the divorce is finalized.

Individuals might also benefit from working with an attorney who has experience working in family law. That attorney could help a client understand his or her rights and obligations and might represent that person's interests in negotiations with the other party.

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

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