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Breaking down a high asset divorce

In any overwhelming situation, it always helps to break things down into manageable parts. A divorce is no different, especially if the split is a high asset divorce between one or two parties with significant assets or income. One of the most beneficial steps couples can take during this time is to carefully define their priorities, and then consult with a professional regarding how to protect themselves according to those priorities.

In a family-oriented culture such as that found in Houston, most parties' priorities will first center on their children, if they have any. Frequently, parents will assume that the standard of living the children enjoyed during the marriage will be guaranteed to continue afterwards. While this does happen, a high asset divorce can often prove more complex. Even if a child lived a luxurious life while his or her parents were married, there are limits as to what each party can expect in terms of child support.

After careful consideration of their children, many parties to a high asset divorce will be concerned with those assets themselves. Texas law initially assumes all property to be community in nature, and thus subject to division during divorce. The owner of any separate property bears the burden for demonstrating that the property is indeed separate, and thus not subject to property division.

While most spouses want to protect their own separate assets, most will also want to shield themselves from their spouse's separate liabilities as well. Today's economy means that debt is rarely avoidable for most families, and even those with very high incomes can carry very high debt loads as well. A family law attorney with extensive experience in property division can help spouses not only protect their assets and avoid unnecessary liabilities, but also do so with regard to the well-being of their children and family as a whole.

Source: The New York Times, "From a prominent divorce in the affluent class, lessons for all," Paul Sullivan, Aug. 9, 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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