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How to avoid the most common high asset divorce blunders

Amassing wealth, or creating it, is very different from holding onto it. Some wealthy Texas couples find that building up a business or growing a lucrative career is relatively easy compared to obtaining a fair divorce settlement. Still, like business magnates or entrepreneurs, those going through a high asset divorce can benefit from learning by example.

One of the biggest mistakes the wealthy make when getting a divorce is to have absolutely no plan whatsoever for the financial aspects of a breakup. Everyone hopes their marriage will last forever, of course, but not every couple is able to escape the threat of divorce. While a marriage itself is unlikely to be treated like a business, the financial aspects of partnership merit an objective review both before and after the wedding.

Some couples find that prenuptials agreements are the best bet for peace of mind. For couples who absolutely reject the idea of prenup, though, they may opt to utilize a financial divorce specialist in addition to a lawyer, if they do break up. Such a professional can provide much-needed evidence for settlements. Sometimes, significant decisions hinge upon this type of documentation.

Another divorce-related mistake made by the wealthy is assuming the courtroom will not only settle everything, but finalize things in the desired manner. Not all issues can be cleanly wrapped-up in court, these might be emotional resentments that come out as property division squabbles, or issues relating to children where parental cooperation is essential. In addition, some of the long-term consequences of a prolonged court dispute, such as negative publicity, expenses and time away from work, may be unanticipated at the start of a divorce, but could instill regret later on.

Divorce should be about moving forward, not getting stuck in the present or picking-apart the past. While high-earners likely already have much on their plates, an equitable divorce is not out of reach for even the busiest of Houston residents.

Source: Forbes, "Three of the biggest mistakes the wealthy make when divorcing," Russ Alan Prince, June 9, 2014

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Attorney Christine K. Lincoln

Christine K. Lincoln offers sound counsel and legal services to protect clients and their families facing divorce and other family disputes.

She will take the time to understand your individual needs and develop a comprehensive solution to protect your rights and interests.

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