Many people who are negotiating a divorce settlement believe their soon-to-be ex-spouse is being greedy. After all, a dollar in the husband's pocket is a dollar out of the wife's pocket.
Greed can be a deadly sin in divorce because irrational expectations lead to higher court costs and legal bills. According to divorce experts, individuals should set realistic expectations and understand the law of diminishing returns to avoid this deadly sin.
However, owning a business can give rise to greed. Diane Pearson, a CDFA with Legend Financial Advisors in Pittsburgh, has counseled clients "where greed is a reflection on business owners who tend to hide the true value of their business.
"They will show up in court with a W-2 Form," for example, "claiming that is all they get out of the business, and it is usually the smallest slice they get from the business," says Pearson.
At such times, she says, "We pull in business evaluation professionals who investigate the business' assets and venues to find out their true worth."