Texas couples who face a high asset divorce have special financial concerns added to their list of challenges during this very difficult experience. Certainly those people with minor children must still wrestle with the emotions that surround child custody and visitation plans and the resulting loss of time with their children just like people in a non-high asset divorce. All couples getting divorced can benefit from financial guidance but the greater the asset levels, the more important it is to tread carefully at this time.
One thing that those people with greater wealth are advised to do during a divorce is to utilize the services of a financial professional with a particular focus on divorcing couples. Leveraging the experience and knowledge of the right professionals versus relying on friends or family members can go a long way toward minimizing unnecessary losses. Choices must be made in property division agreements and understanding the ramifications is important when doing so.
Avoiding a lengthy divorce that culminates in the courtroom may also be in the best interest of a wealthy party. It is not wise to assume that a trial will result in a decision most favorable to either party. In addition, such proceedings are often the subject of many media publications. This level of publicity may not be what is in the best interest of the spouses or even any children involved.
Anyone who has amassed significant wealth and now faces a divorce may be wise to consult with an experienced high-asset divorce attorney. This may be helpful whether the assets were built up before or during the marriage.
Source: Forbes, “Three Of The Biggest Mistakes The Wealthy Make When Divorcing,” Russ Alan Prince, June 9, 2014