When you’re getting a divorce and have a high net worth, it’s important to avoid making certain common mistakes. Trying to hide assets, not getting a professional valuation of assets, spending too much money, not protecting your mental health, and not hiring a divorce lawyer are some of the biggest mistakes people make during high net worth divorces. By avoiding these mistakes, you can make the process easier on yourself and ensure that you come out of the divorce with what is rightfully yours.

If you’re in need of an experienced Milwaukee divorce attorney who has experience helping high net worth clients, contact Ohiku Law Office today.

Avoid these Common Divorce Mistakes: 

Hiding Assets

Hiding assets is one of the most common mistakes people make during a high net worth divorce. If you try to hide assets, your spouse and/or the courts will likely find out and it will only make the divorce more difficult. You could also face fines and punishment for hiding assets during divorce. The best thing you can do during the process of divorce is to be honest and open. This will make the process go much more quickly and allow you the peace of mind of knowing you are doing the right thing.

If you’re concerned about certain assets, a divorce attorney can help you create a plan.

Neglecting a Professional Valuation of Assets

Not getting a professional valuation of your assets is another common mistake. You need to know what your assets are worth so you and/or the courts can determine how to divide them fairly. You may also be surprised at the value of your assets, so it’s important to have a thorough and up-to-date understanding of what you own so you know how to proceed.

If you’re wondering how to get a professional valuation of your assets, an experienced Milwaukee divorce attorney can help you identify and hire a professional who can help with this process.

Spending Too Much Money

Spending too much money during the divorce process is also a mistake. Many people try to spend as much money as possible in order to spite their ex, but this usually backfires. Not only will you end up going into debt, but it will also make it harder to divide your assets fairly.

Instead, the best thing you can do during divorce in regards to spending is to tread carefully. Keep a record of your expenditures and avoid making large or lavish purchases until the divorce is complete. Working with a financial advisor is a good idea during this time, particularly if you have significant assets to keep track of.

Forgetting to Protect Your Mental Health

Protecting your mental health is important during any divorce, but it’s especially important during a high net worth divorce. This type of divorce can be very stressful, so make sure you take care of yourself.

Strategies for protecting your mental health during this often stressful time include: talking to a licensed therapist or counselor; getting enough exercise; eating a balanced and nutritious diet; getting enough quality sleep; and spending time with friends and family. If you have children, it’s also important to encourage them to practice these healthy habits as well, since divorce can be stressful for them, too.

Not Hiring a Divorce Lawyer

Many people try to handle a high net worth divorce on their own, but this is a mistake. A divorce lawyer can help you protect your assets and ensure that you get what you deserve. A divorce attorney can also help you ensure you don’t make costly mistakes that will slow down the process or prevent you from reaching your goals. Finally, the right divorce attorney has experience in all aspects of divorce, from arbitration to mediation to contested divorce to child custody and placement.

If you are considering a high net worth divorce in Wisconsin, it is important to avoid making common mistakes. Trying to hide assets, not getting a professional valuation of assets, spending too much money, not protecting your mental health, and not hiring a divorce lawyer are all mistakes that can cost you time and money during your divorce. By hiring a Milwaukee divorce attorney with experience helping high net worth clients, you can protect yourself and ensure that your divorce goes as smoothly as possible. If you’re getting a divorce and live in Milwaukee or a nearby community, contact Ohiku Law Office today. Our experienced Milwaukee divorce attorneys can help you through every step of the process. Contact us today to schedule a consultation.