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Being honest with your lawyer is crucial in a high-asset divorce

On Behalf of | Jul 17, 2020 | Property Division

A divorce involving wealth or substantial assets is quite complicated. Aside from matters centered on children of the marriage, financial issues remain a major focus for both parties. Those who are about to enter a high-asset divorce often believe the process will be easier because of their assets. However, a simple outcome is rare.

In our experience, high-asset divorces in Allentown suffer from a lack of financial honesty on the part of at least one spouse. Sometimes, people simply overlook certain details when getting a divorce. For example, they may forget about a retirement account from a previous job. Other times, a spouse may try to keep information about some assets secret on purpose.

Regardless of your reasons, failing to disclose to your lawyer all information regarding your property is nearly always a mistake. Hiding assets intentionally or even accidentally compromises your divorce lawyer’s ability to serve your best interests. It will also harm your side of the divorce when the hidden information inevitably becomes exposed.

We understand why you might wish to keep the details of your financial accounts private. However, this information will likely come out anyway, especially if you are facing a determined spouse. A good rule of thumb for those with significant assets is to keep your attorney informed about everything, even if you feel the information is not important.

All divorces benefit from total honesty between you and your attorney. In a high-asset divorce, this mutual honesty is even more important because it guides your attorney in selecting the best strategy to use on your behalf. We encourage our neighbors in Pennsylvania to learn more about high-asset divorces by continuing to review our legal blog and our website.

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