Mistakes To Avoid In A High Asset Divorce in Oklahoma

A high asset divorce in Oklahoma requires a certain set of legal skills. You’ve worked all your life to get to where you are, and divorce shouldn’t strip you of all that you have. You may have come into the marriage with a business that you’ve built and now its worth millions. Still others come into a marriage with large sums of assets including homes and other personal property. And even others are the sole providers in a marriage that the assets are now more than what you could have ever hoped for. Unfortunately, people with a lot to lose often make a multitude of mistakes when they’re getting divorced. If you’re an Oklahoma resident and you want to know which mistakes to avoid in a then continue reading below.

What Is a High Asset Divorce

Defining a high asset divorce is different things to different people. One might think that its defined as a set dollar amount the parties earn each year or perhaps the value of assets the couple owns. The truth is that high asset divorces can be defined by a marriage in which one of the partners makes considerably more or less than the other and there isn’t a prenup.

If you have a household in which the only breadwinner makes $150.000 per year while the other partner stays at home there’s a great disparity. For the working partner the $150.000 yearly salary isn’t high asset at all while for the stay at home partner that same salary is a mountain of money. At our firm we understand that a high asset divorce usually involves millions of dollars. But, its equally important to apply those same principals to a marriage where there’s a large disparity in income between the marital partners.

Oversharing

Spilling your guts to anyone who will listen might seem like the natural thing to do, but it can be costly. Let’s suppose that your soon-to-be-ex is seeking alimony, and you disagree with the requested monthly amount. If you argue that you can’t afford to pay a certain dollar amount, it doesn’t help your case if you’re also telling people that you can’t wait to buy that condominium downtown or go skiing in Aspen, Colorado. You should even be careful about oversharing with your friends. As you know, your friends know your spouse, and they might slip up and tell them things that will then be shared with the attorney on the other side.

Likewise, you should reconsider posting anything relating to money or financial security on your social media. Maybe you’re thinking it’ll be a dig in your soon-to-be ex’s face to see you living lavishly. Unfortunately, social media posts have often become court evidence, and they can be used against you.

Caving In

We understand that you might be in a hurry to have this matter settled. But bear in mind that rushing to end a divorce case can do more damage than not. When you have a lot to lose, you want to be confident that spousal support or child support or child custody is fair and reasonable. Just because you make seven figures a year doesn’t necessarily mean you should pay out five to six figures a month in spousal or child support. 

For that matter, just because you have money to spend doesn’t mean that you should readily agree to hand over your assets, such as your property, stocks, or businesses. It’s okay to play hardball. It might be stressful initially, but protecting yourself, your interests, money, and valuables are essential. Don’t let the other side intimidate you or pressure you into agreeing to excessive amounts of settlements. After all, it’ll be even more costly if you later want to modify any arrangements regarding money and property.

What is a Marital Asset in a High Asset Divorce

In a high asset divorce determining what is a marital asset and what is not makes all the difference in the world. Take the example of a marriage where there is a business or large sums of money owed by one or both of the marital partners before they married. If you own a business and have run it for years before the marriage you think the whole of the business remains yours as a separate asset. Or, you owed the same business for several years before the marriage only to work together in the business after you get married. Basically if an asset existed before the marriage and was not co-mingled with other marital assets it remains separate and not subject to division. In both of the preceding examples the outcome is absolutely fact dependent and those facts favoring you must be front and center.

Withholding Information From Your Attorney

Keeping financial and other information from your friends is advisable. Withholding information from your attorney is not. Your attorneys can only help you when they know all about you. This includes sharing any information about any debts, disorders, and past criminal history. Even if you think your spouse isn’t aware of something, share it all with your attorney. An experienced, knowledgeable attorney can spin many situations in your favor, regardless of how terrible they might seem to you.

Not Seeking Legal Representation

The biggest mistake you should avoid in divorce is not seeking legal counsel. You might have several college degrees or even know several millionaires who’ve divorced. Maybe you’re confident your money will protect you. What your money and valuables can’t do is tell you the ins and outs of Oklahoma divorce laws and their nuances. Therefore, it is highly recommended that you get an attorney who’ll fight aggressively to protect your interests and investments. Kania Law Office’s skilled Oklahoma divorce attorneys are here to help you. To learn more, call us at (918) 743-2233 or contact us online for a free consultation.