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Surprise splits show high asset divorce can occur at any time

In booming cities such as Houston, couples can become wealthy - or destitute - very quickly. In our media-saturated world, when a high-profile couple undergoes an equally high-profile split, it can feel as if the entire world is watching. For actors Tom Cruise and Katie Holmes, whose marriage was arguably one of the most scrutinized Hollywood unions in recent years, their divorce was just as closely observed as their time together. Still, when a well-known pair parts ways, the initial public glare can cloud more important matters that happen later on.

Holmes reportedly surprised Cruise when she filed for divorce in June of 2012. Fewer than two months later, the high asset divorce was finalized. Holmes went on to star on Broadway, while Cruise appeared in several blockbuster films. Holmes is purportedly enjoying the single life nowadays, despite working and being a single mother to her daughter with Cruise. In a statement issued close to the time of her divorce, Holmes noted that she and her ex were committed to remaining responsible, cooperative parents.

Cruise and Holmes were married for six years before getting divorced last year. While many might assume that a high asset divorce only comes after many decades of marriage, the truth is that couples can amass sizable assets in any amount of time. Especially in Texas, an individual or a family can grow a business or enter a lucrative field in just a few years, possibly even months. As a result, when couples divorce, these assets can become a serious bone of contention.

While Cruise and Holmes neglected to divulge financial details of their high asset divorce, other couples benefit from being open and honest with their divorce attorneys. In a high asset case, where property, businesses or other holdings may be at stake, both parties generally need professional guidance from those with experience in their state's legal system.

Source: The Huffington Post, "Tom Cruise, Katie Holmes divorce: one year later," June 29, 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.

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