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How to avoid mistakes in a high asset divorce

Kentucky couples with high assets have plenty to gain, and plenty to lose. Because of the high stakes feeling of getting divorced with a lot of finances, property, or assets on the line, there are certain mistakes that should always be in the peripheral of a divorcing couple's eye so that they may be avoided.

The Wealth Enhancement Group suggests that a financial advisory team be brought in if the assets at stake are particularly high. Note that these people are not a substitute for lawyers or legal advisors. Rather, they will advise a person strictly in regard to their finances and nothing more. They can be a huge help because finances are their specialty, so they know the ins and outs of local, state, and federal tax codes. This way, there is less chance of losing lots of money to the tax impact of a split.

MarketWatch also points out that couples should keep an eye on joint liabilities. This includes things like tax liabilities and mortgages, which are usually split between a couple. Credit card bills or debts from joint accounts may also fall under this category. Couples should always be certain that they have their joint liabilities paid off or transferred before a divorce has been finalized. This will allow the couple to avoid surprise bills in the future.

Dealing with more money, property, or assets can certainly complicate a divorce, which is already complex in its own right. Fortunately, if divorcing couples keep an eye on the common mistakes that occur during high asset divorces, these struggles can be minimized or perhaps even avoided.

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Gatlin Voelker,PLLC

Gatlin Voelker, PLLC
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