Jump to Navigation

Common mistakes that are made in a high asset divorce

Houston area residents who are considering a divorce know how emotional a time it can be. There are so many things to consider at the end of a marriage and it is not a pleasant situation. For those who are involved in a high asset divorce there is a lot at stake. There are mistakes that people make that should be avoided.

One mistake in a high asset divorce is that there may be assets that get overlooked. It is critical that all assets and liabilities are known. Important documents should be located including tax records, bank statements, investment statements, retirement and pension accounts, credit card bills, household bills and insurance. These all need to be accounted for. There should also be an inventory done on all property including valuable artwork, collections, cars and real estate. A valuation expert may be needed for business value, stock options or a professional partnership.

It can also be a mistake to keep the house. Although the family house has great sentimental value, it can be costly in the long term. One person trying to pay for the mortgage, taxes and the maintenance can be too expensive.

It is also important to make sure expenses after the divorce are calculated correctly. If a person underestimates what the expenses will be, they risk not having enough money. It is important to know how much food, clothing and housing will be. Health insurance can also be another big expense. It is important to make sure these expenses can be met without the help of an ex-spouse because there could be something that happens that affects a payment.

Once the divorce is finalized, make sure important documents are updated as well. Beneficiaries on retirement and investment accounts should be updated. Also update estate planning documents including wills and health care proxies. All the titles on real estate and cars should be updated too.

Source: wsj.com, "Divorce and money: Six costly mistakes", Veronica Dagher, May 15, 2015

No Comments

Leave a comment
Comment Information
Avvo client choice award 2017
Subscribe to this blog's feed

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.

Email Us

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Location

The Lincoln Law Firm, PLLC
12777 Jones Road, Suite 475
Houston, TX 77070
Phone: 281-970-9005
Fax: 832-645-7666
Map and Directions

Texas Divorce Attorneys, Mental Health Professionals, & Financial Planners
FindLaw Network