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What to Consider When Preparing For a High Asset Divorce

Divorce proceedings are widely considered to be unpleasant experiences by most separating spouses in the U.S and worldwide at large. What was once a pleasant marriage is now characterized by animosity heightened by irreconcilable differences and infidelity allegations. In most cases, tensions tend to rise especially when a great deal of money is at stake during such a turbulent time. Before packing up your bags and moving on, you might want to consider basic guidelines to ensure that your fair share from the divorce is guaranteed.

Unlike a common split, a high asset divorce can be tricky to say the least. After all, either both or a single spouse is wealthy, and walking away empty-handed will not work in your favor. As a separating spouse, you should sift through marriage records and ascertain your exact net worth as a couple. This entails going through bank records, receipts, business portfolios and offshore accounts owned by your spouse. Keep track of all expensive purchases made during the alimony for easier reference when in need.

In most cases, a partner might conceal valuable assets by employing various tactics to divert attention away from such properties. Keep an eye out for suspicious phrases such as "the marital property is lost or misplaced" commonly used by your spouse. Nevertheless, such statements stem from a carefully orchestrated plan intended to conceal business assets from you. Each partner is entitled to a fair stake in the asset division, and passing up a sentimental asset is not regarded as a wise move.

When preparing for a high asset divorce, it is crucial to source reference from the prenuptial agreement signed before wedding vows were exchanged. Based on stipulations concerning spousal support and asset division, your ex-spouse might withhold certain privileges based on a mutual understanding. Thus, don't get too attached to any asset, lest it's sold and the proceeds shared with your ex-spouse. Apart from comprehending jointly owned assets, be on the lookout for liabilities such as loans owed individually or as a couple. It is advisable to service all debts sooner rather than later before claiming a stake on the net proceeds.

If you are the breadwinner in the marriage, then spousal support will no longer be a distant thought, but a grave reality that you should tackle head on. Before proceedings get too complex, consult an experienced Texas divorce attorney for crucial guidance.

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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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