Divorce is difficult, both emotionally and financially. Figuring out how to disentangle yourself from your spouse is complicated.
Especially in a high-asset divorce, there is much to gain or lose. The consequences of making the following five mistakes could cost you greatly.
1. Getting it over with
It is understandable that you feel desperate to leave your situation, but hasty decision-making can leave you with much less than you deserve at the end of your marriage.
2. Seeking revenge
Hurt feelings are normal when a union falls apart, but you should address emotions with a therapist, not a judge. Attempting to disrupt or control proceedings as a form of retribution is not the ideal strategy, and the court will recognize vindictive behavior.
3. Hiding assets
Ohio division of property law requires parties to disclose all assets for equitable distribution. Attempting to conceal property to keep it from your spouse can severely jeopardize your case.
4. Disregarding the impact of taxes
You may desire an even split, but to avoid a potentially large financial drain on your resources, you should consider whether you can afford the tax liability that comes with specific assets and investments.
5. Skipping mediation
When your case must go to trial, the process is lengthy and the final decision is out of your hands. Reaching an agreement during a conference with a skilled mediator is the quickest way to end your marriage with a fair settlement.
Throughout the divorce process, it is essential to understand the complexities of property division in order to protect yourself and your entitlements.