Skilled counsel keeps a high asset divorce under control
Apr 21 2018 - Posted by Chris Lincoln of The Lincoln Law Firm, PLLC, in High Asset Divorce
On behalf of The Lincoln Law Firm, PLLC posted in High Asset Divorce on Wednesday, September 10, 2014.
There is much at stake in any divorce, but a high asset divorce is a financially-complex situation that can easily veer out-of-control. Residents of Houston have likely seen the countless headlines spawned by the types of splits that affect celebrities, businesspersons and the like: disputed, heated and sometimes dragging-on forever. In a high asset divorce, it’s especially important to secure trusted counsel from the get-go so that matters stay focused on a fair conclusion.
One of the first ways in which representation in a high asset divorce is invaluable is through comprehensive treatment of each party’s finances. Couples who earned a high income or owned lucrative assets can inadvertently overlook the many details that can affect property division. Without an attorney by one’s side from the beginning, a spouse can easily forget crucial elements that will only need to be dealt with later.
Another advantage to having an attorney is the extensive knowledge brought to issues such as alimony, asset distribution and child support. One can determine the value of his or her home, but what are the implications of each spouse staying or moving? A spouse can agree to support the other after divorce, but what are the tax consequences of such an agreement? One party may decide they simply cannot part with the vacation home or the family’s prize-winning show horse, but what will it take to maintain such assets?
High-income earners are often specialists and professionals in their own right, which is why they understand how important it is to listen to the advice of individuals knowledgeable in their fields. Anyone going through a divorce is bound to be dealing with a huge amount of stress, and trying to make far-reaching decisions on one’s own can increase the pressure even more. A Houston family lawyer can shoulder the burden of delving into the details of a divorce and arranging them into an equitable outcome.