Insight

Common Mistakes Made in a High Net Worth Divorce

If you are currently going through a high net worth divorce, you need to take care to not let your emotions get the best of you and push you to make a potentially terrible decision that seriously affects your future.

High Net Worth Divorce
Stann W. Givens

Stann W. Givens

July 31, 2017 04:38 PM

If you are currently going through a high net worth divorce, you need to take care to not let your emotions get the best of you and push you to make a potentially terrible decision that seriously affects your future. Some of the most common mistakes made include:

Giving in to Your Emotions

Depending on your situation, it may be tempting to give in and launch a full-scale attack on your soon-to-be ex-spouse in the courtroom. There are many “bulldog” lawyers out there who will gladly support you in this endeavor, but in many cases this approach leads to escalating conflicts and an outcome that neither party is happy with. It could drag the legal battle on for weeks, if not months, and cost you more money in the long term. This tactic can also force your children or other family members to pick sides and create rifts that last long after the final papers are signed.

Lying about Your Assets

According to the National Endowment for Financial Education, more than 30 percent of people admitted to lying about their assets to their spouses. While this is a worryingly common practice, there are a number of consequences you need to consider before attempting to hide your assets or transferring them to a third party. There are a number of penalties you could face depending on what you attempt to hide and how you choose to hide them, including significant financial penalties and even jail time.

Agreeing to Unfavorable Terms

While you may be looking for any way to speed up the divorce process in order to move on with your new love, get away from your current spouse, or simply move past this part of your life, agreeing to terms without fully understanding the consequences could put you in a disadvantageous position in the future. You may wind up without the assets you need, responsible for excessive alimony payments, and a number of other financial consequences you may not be able to get out of in the future.

Overlooking Potential Tax Consequences

Because high net worth divorces often include transferring large sums of money of valuable assets, you need to be careful about the potential changes to your taxes. It’s important to sit down with your attorney to go over the numbers before signing anything so you aren’t caught by surprise next April.

Hiring an Attorney Who Isn’t Right for You

It shouldn’t come as a surprise that one of the most damaging things you can do to your case is hiring the wrong attorney. Maybe they prefer more aggressive tactics than you’re comfortable with, maybe they lack the courtroom experience you need for your case, or maybe they have too many cases already on their plate and can’t devote the attention necessary to secure a beneficial outcome. No matter the reason, the wrong attorney will put you in a bad position moving forward and could potentially jeopardize your financial future.

---------------------

Stann Givens is the founding partner of law firm Givens Givens Sparks, located in Tampa, Florida. A board certified attorney in marital law, he has accumulated many accolades, including "Lawyer of the Year" 2016 by Best Lawyers® in the area of family law in Tampa. To contact Stann Givens, call him at (813) 375-0109 or visit the firm’s website at https://www.givenssparks.com/.

Related Articles

IN PARTNERSHIP

How To Find a Good Divorce Lawyer


by Best Lawyers

To navigate a divorce, which is inherently a complex legal landscape, finding the right divorce lawyer can make all the difference in the outcome of any case.

Bride and groom figurines on top of a wedding cake

Split Decisions


by Jonathan Merel

Divorce is inevitably fraught with a torrent of emotions on both sides. Don’t let this occlude your ability to plan rationally and dispassionately to ensure as smooth a process as possible. Here are five common pitfalls to avoid.

Two people standing on either side of a heart made out of curving roads

What If Johnny Depp and Amber Heard Had a Premarital Agreement?


by John M. Goralka

Oh, the gritty details we’re learning from the latest court battle between Johnny Depp and Amber Heard. This unfortunate airing of dirty laundry may have been avoided with a prenup. Should you think about getting one yourself?

What If Johnny Depp & Amber Heard Had Prenup?

Marriage, Mortgages, and Millennials


by Angelica Rolong Cormier

More and more couples nowadays are cohabitating before marriage. But how does reimbursement claims work if a divorce happens?

Reimbursement Claims for Properties During a

Learning about Your Finances in Divorce


by Kathleen Ann Hogan

Finances in Divorce

IN PARTNERSHIP

How to Protect Your Inheritance from Divorce in Ontario


by Usman Sadiq

One lawyer in Canada explains that, although division of assets does not always have to be evenly split, it should be fair, and inheritance is no exception.

Small grey house with red roof under large red umbrella on blue background

The Hague Convention and International Custody Battles


by Alexandra Goldstein

One family law lawyer explains how Joe Jonas and Sophie Turner’s celebrity divorce brings The Hague Convention treaty and international child custody battles into the spotlight.

Man and woman celebrities wearing black and standing for photo

High-Net-Worth Divorce


by Gretchen S. Knight and Jill Spevack Di Sciullo

Many issues can arise during divorce proceedings, particularly for affluent couples. Outlined below are some of the best practices for the most common concerns.

Spouses standing in doorway of home having argument

Filing For Divorce in North Carolina


by Melody J. King

Family law lawyer Melody King answers some of the most important questions individuals may have about filing for divorce in North Carolina.

Illustration of man and woman on paper that has been torn apart

IN PARTNERSHIP

Cryptocurrency and Divorce


by Crystal Espinosa Buit

One lawyer explains how cryptocurrency, the fastest growing investment form, can impact assets in a divorce and why it should not be ignored in divorce proceedings.

Pixelated image of paper money bill

IN PARTNERSHIP

The Parenting Plan


by Derren Ciaglia

Co-parenting considerations should always be taken into account when negotiating Parenting Plans in divorce or paternity matters.

Woman in car looking through window at man hugging child

Divorce in Florida


by Hugo E. Acebo

A Florida family law lawyer highlights the important steps each party should take when facing the complexities of divorce, particularly when faced with decisions surrounding the children.

Painting of father walking with two children

Five Tips for Business Owners Facing Divorce


by Brittany A. Brown

When married couples have entered into joint business ventures find themselves facing divorce, it is important that they heed these five steps to ensure amicable resolution.

People standing in opposite circles forming Venn diagram

IN PARTNERSHIP

How to File for Divorce


by Natalie R. Rowland

Divorce can be complex in both process and cost. An experienced family law attorney explains how best to file for divorce and outlines considerations to take.

Image of bride and groom on beach with a split down the middle

The Advantages of Collaborative Divorce for Families


by Best Lawyers

Collaborative divorce is a cooperative alternative to a possibly contentious, court-focused divorce process. Learn more about collaborative divorce here.

Silhouetted figures split down the middle with child in backdrop

The Top 7 Things to Know Before Filing for Divorce


by Best Lawyers

Consulting with a qualified divorce attorney can help you understand your rights and obligations when filing for divorce. Here are 7 things you should know.

Two golden wedding bands with a crack down the middle

Trending Articles

2025 Best Lawyers Awards Announced: Honoring Outstanding Legal Professionals Across the U.S.


by Jennifer Verta

Introducing the 31st edition of The Best Lawyers in America and the fifth edition of Best Lawyers: Ones to Watch in America.

Digital map of the United States illuminated by numerous bright lights

Unveiling the 2025 Best Lawyers Awards Canada: Celebrating Legal Excellence


by Jennifer Verta

Presenting the 19th edition of The Best Lawyers in Canada and the 4th edition of Best Lawyers: Ones to Watch in Canada.

Digital map of Canadathis on illuminated by numerous bright lights

Legal Distinction on Display: 15th Edition of The Best Lawyers in France™


by Best Lawyers

The industry’s best lawyers and firms working in France are revealed in the newly released, comprehensive the 15th Edition of The Best Lawyers in France™.

French flag in front of country's outline

Presenting the 2025 Best Lawyers Editions in Chile, Colombia, Peru and Puerto Rico


by Jennifer Verta

Celebrating top legal professionals in South America and the Caribbean.

Flags of Puerto Rico, Chile, Colombia, and Peru, representing countries featured in the Best Lawyers

Unveiling the 2025 Best Lawyers Editions in Brazil, Mexico, Portugal and South Africa


by Jennifer Verta

Best Lawyers celebrates the finest in law, reaffirming its commitment to the global legal community.

Flags of Brazil, Mexico, Portugal and South Africa, representing Best Lawyers countries

Announcing the 13th Edition of Best Lawyers Rankings in the United Kingdom


by Best Lawyers

Best Lawyers is proud to announce the newest edition of legal rankings in the United Kingdom, marking the 13th consecutive edition of awards in the country.

British flag in front of country's outline

Prop 36 California 2024: California’s Path to Stricter Sentencing and Criminal Justice Reform


by Jennifer Verta

Explore how Prop 36 could shape California's sentencing laws and justice reform.

Illustrated Hands Breaking Chains Against a Bright Red Background

Announcing the 16th Edition of the Best Lawyers in Germany Rankings


by Best Lawyers

Best Lawyers announces the 16th edition of The Best Lawyers in Germany™, featuring a unique set of rankings that highlights Germany's top legal talent.

German flag in front of country's outline

Celebrating Excellence in Law: 11th Edition of Best Lawyers in Italy™


by Best Lawyers

Best Lawyers announces the 11th edition of The Best Lawyers in Italy™, which features an elite list of awards showcasing Italy's current legal talent.

Italian flag in front of country's outline

Tampa Appeals Court ‘Sends Clear Message,” Ensuring School Tax Referendum Stays on Ballot


by Gregory Sirico

Hillsborough County's tax referendum is back on the 2024 ballot, promising $177 million for schools and empowering residents to decide the future of education.

Graduation cap in air surrounded by pencils and money

Find the Best Lawyers for Your Needs


by Jennifer Verta

Discover how Best Lawyers simplifies the attorney search process.

A focused woman with dark hair wearing a green top and beige blazer, working on a tablet in a dimly

Key Developments and Trends in U.S. Commercial Litigation


by Justin Smulison

Whether it's multibillion-dollar water cleanliness verdicts or college athletes vying for the right to compensation, the state of litigation remains strong.

Basketball sits in front of stacks of money

Woman on a Mission


by Rebecca Blackwell

Baker Botts partner and intellectual property chair Christa Brown-Sanford discusses how she juggles work, personal life, being a mentor and leadership duties.

Woman in green dress crossing her arms and posing for headshot

Best Lawyers Celebrates Women in the Law: Ninth Edition


by Alliccia Odeyemi

Released in both print and digital form, Best Lawyers Ninth Edition of Women in the Law features stories of inspiring leadership and timely legal issues.

Lawyer in green dress stands with hands on table and cityscape in background

The Human Cost


by Justin Smulison

2 new EU laws aim to reshape global business by enforcing ethical supply chains, focusing on human rights and sustainability

Worker wearing hat stands in field carrying equipemtn

Beyond the Billables


by Michele M. Jochner

In a recently conducted, comprehensive study, data reveals a plethora of hidden realities that parents working full-time in the legal industry face every day.

Women in business attire pushing stroller takes a phone call