Not all Tennesseans go through trying times during a divorce, but those who have know the woes of dividing property and assets. On top of the whirlwind of paperwork, court procedures and other aspects of marital separation, many can hit obstacles when reaching this financial stage. Below are a few pointers on high asset divorce, as well as some of the hidden details.
Financial mistakes can be common during divorce procedures, but CNBC stresses that just one misstep with asset division can have many negative repercussions. According to CNBC, those with close financial ties may want to pay special attention to documents and other fine print. The following are some of the most common mistakes divorcees make when dividing assets:
- Failing to consider tax implications
- Choosing the house over liquid assets
- Keeping a home despite financial trouble
When it comes to taxes, CNBC shares that financial accounts can be handled in a number of ways, therefore making matters potentially more complex. In addition to this common mistake, many divorcing couples also fail to look at the bigger picture in regard to a house. Although it may appear to equate with, for example, valued investments, a house can become a big financial burden down the road.
An article in Forbes recognizes the complexities of divorce, especially during current times. Even the most typical high assets can become points of disagreement, and Forbes points out that many also fail to remember smaller shared items, such as antiques or art pieces. Some other, perhaps lesser-known assets that can spark contention include benefits from past employers, cemetery plots, collections and marriage gifts. Forbes adds that the division of these assets can vary from state to state, and that it is always important to pay attention to details during every step of this process.