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Do not expect a high asset divorce to be amicable

| Oct 14, 2016 | Uncategorized

When a marriage that lasted for decades comes to an end, there is no guarantee that Texas residents will be able to work together to settle their issues. No one should expect a high asset divorce to be amicable — especially at first. Some couples are able to put aside their feelings for each other and hammer out their issues without ending up in court, but others discover that their soon-to-be ex-spouse has stopped caring and protecting them.

In fact, some will attempt to use the fact that their spouses stayed home to raise the kids, take care of the house and pay the bills to try to say that he or she did not make any financial contributions to the marriage. The argument then becomes that due to this fact, the other party is not entitled to spousal support or a share of certain assets. Many people have had to substantiate their roles in the marriage to a Texas family court even though the parties agreed to the division of labor during the marriage.

It can also be difficult for a spouse who was not actively involved in the family’s finances to have a full picture of what assets and debts make up the marital estate. This information will need to be gathered before going into court or settlement negotiations. In addition, it will be necessary to create a realistic post-divorce budget. Without it, it will be nearly impossible to negotiate or make requests to the court that will help provide financial security after the proceedings are finalized.

There is nothing wrong with hoping that a high asset divorce will be amicable. However, it would be beneficial to prepare for the worst until the parties sit down and attempt to begin negotiations. Even if the negotiations break down and the parties end up in court, at least all of the relevant information is available.

Source: Forbes, “How to Survive Divorce After 50“, Tania Brown, Sept. 29, 2016

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