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Being proactive in anticipation of a high asset divorce

In many Houston-area divorce cases, the proceedings are complicated by the fact that one or both parties has a relatively high net worth. Some people are business owners, some may earn a high income through their career, and some may hold the keys to family wealth. In cases of a high asset divorce, there are steps that individuals can take to secure their financial futures following a split.

The first step is to realize the importance of thorough documentation. A high asset divorce relies heavily on paperwork relating to factors such as income, assets, debts, taxes and retirement accounts, just to name a few. If a person hasn't been organized over the years, it helps to be proactive and seek out these documents from employers and other entities that can provide reliable information. Often, these financial facts are used to calculate total net worth, which in turn influences child support and alimony.

The proper valuation of assets is another step that may not be prioritized during times of emotional stress, but is still crucial in any divorce. Many assets, such as a home, can have various tax implications. Others might have different values at liquidation versus the actual time of the breakup. Knowing the value of assets is invaluable when negotiating their division.

In taking the above steps, it is important to remember that rushing or purposely dragging-out the length of property division can backfire. Emotions run high during divorce, of course, and sometimes parties want to either get it all over with or take their time to antagonize their former spouse. However, either approach can prevent a truly fair outcome, which is what attorneys and their clients must strive for in all cases.

Source: YourHoustonNews.com, "Financial concerns during a divorce," May 11, 2013

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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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