Former NFL star’s Dallas home at center of high asset divorce
Aug 13 2018 - Posted by On Behalf of the Lincoln Law Firm, PPLC, in Child Support & Spousal Support, Divorce, Tagged in Child custody, Child Support, Divorce, Divorce Legal Issues, high asset divorce, Post-Divorce Modifications, Prenuptial Agreement, Property Division
As part of his divorce, Sanders had been ordered by a judge to pay the legal fees of his ex. The fees were quite steep, totaling more than $275,000. Sanders did not comply with the order and as a consequence, a judge put a lien on Sanders’ Texas home, a $21 million property located in Dallas. Sanders is also reportedly coping with the closing of a charter school he had co-founded.
The property division component of a high asset divorce can be affected even after the initial settlement has occurred. Post-divorce modifications are not unusual regarding issues such as child support and child custody, but financial issues relating to the former family home can also linger after the dust has settled on one’s divorce. As in Sanders’ case, when one spouse has been ordered to pay the other spouse’s legal fees, it’s not unusual for the payer to balk at such an expense. Still, there may be legal solutions obtained through working with one’s attorney that don’t entail legal penalties such as liens on existing property.
One way to prevent drawn-out divorce disputes over legal fees and other matters is via prenuptial agreements. In Texas, prenups can address a wide range of concerns, but are especially useful when it comes to assets and liabilities between couples. Still, if a couple does not have a prenup in place, there can be thousands or hundreds of thousands at stake in a divorce. Obtaining proper legal advice at an early stage can help a spouse steer clear of disputes over legal fees as well as more significant property matters.
Source: 2Paragraphs.com, “Deion Sanders to lose charter school too?” Aug. 9, 2014