PROTECT YOUR PROPERTY, FINANCES AND FAMILY.

Mistakes to avoid in a high net worth divorce

| Aug 15, 2019 | Divorce

Unfortunately, many marriages in the Houston area do not last forever. There are many couples who decide to end their marriage for one reason or another. When a couple is facing a divorce, it can be an emotional time with many complex issues that need to be resolved. When the couple has a high net worth, the decisions that are made during this time are very important.

When a high net worth couple is going through a divorce it can be a situation that is more complex than other divorces. With a lot of assets to work through it is important for a person to understand the mistakes that they should avoid. One mistake is making decisions based on emotion instead of logic. Sometimes couples also rush through the divorce process without taking their time on important matters. This can lead to financial mistakes that can’t be remedied once the divorce is finalized. It is also not uncommon for one spouse to hide assets. In addition, one spouse may not understand how many assets exist or fully understand what the assets are. There can be assets in businesses, art, retirement accounts, vacation homes, rental properties and more. When a spouse is not aware of all their marital assets, they may not receive the full amount of what they are due.

A legal professional experienced in high net worth divorce can help their client reach a fair settlement. An attorney is skilled in researching the couple’s assets and making sure they are all included in the divorce settlement. They can answer their client’s questions and lead them through the divorce process in order to make sure their client’s needs are met both now and into the future. They can bring in financial experts to analyze community property, locate hidden assets and offer valuations of business and investment property.

There are many complexities that need to be worked out in a high asset divorce. Having an attorney who is experienced in these situations can make a huge difference in a situation in which so much is at stake.

FindLaw Network