In a divorce, when there is more to gain, there is also more to lose. This is why going through a high-asset divorce can be particularly stressful. High-asset divorces make it more likely that spouses will become ruthless and sneaky in terms of the strategies that they play against each other.
It is possible to reach the other side of a high-asset divorce successfully and with dignity, however. By avoiding some common mistakes and asking the right questions, you will be on the right path to do just that.
I want the divorce over as soon as possible. Can I get a successful outcome quickly?
Rushing the divorce process is very probably going to set you up for a poor outcome. As hard as it may seem, it is important that you take your time and keep focused on the end goal: to have closure for you and your loved ones.
Should I hide assets from my spouse?
It's a common game in high-asset divorces to attempt to hide assets. However, this can be a very risky thing to do. If you are found to be hiding assets, you will lose credibility in the eyes of the court and may lose out in the long run.
Will paying alimony help my taxes?
Due to the 2018 tax plan, the person paying alimony no longer gets a tax break for the alimony money paid. This should be taken into consideration during negotiations.
If you are going through a divorce in Pennsylvania, it is important that you understand the financial implications that this will have.