While there are certainly marriages that end suddenly and without warning, many spouses in Texas are aware that divorce is imminent long before the papers are filed. Spouses can take advantage of the early inklings of a breakup to make crucial preparations for the future. In a high asset divorce, there is often a great deal at stake. Planning for the future can ensure a more positive financial transition into post-divorce life.
For many couples who deal with business overheads, investments and other complex finances, it may be second-nature to keep track of expenses on a daily basis. However, if this is something a couple has not done, or if only one spouse has been responsible for the budget, it is a good habit to begin as soon as possible. Additionally, any financial record-keeping will be helpful when the court begins its determinations regarding support payments and asset division.
One of the most time-consuming yet vital tasks a soon-to-be divorced spouse must do is gathering as much financial documentation as possible. This is where many spouses meet with resistance, especially if one spouse attempts to hide assets or anticipates being ordered to pay alimony. However, having copies of shared investments, tax returns, assets and debts may streamline the process of asset division.
While it may be tempting for a spouse to clean out the joint account or squirrel away assets to protect them from property division, doing so may have serious consequences in court. Instead, following the advice of an experienced family law attorney is the best course of action. An attorney who knows and understands Texas laws regarding high asset divorce will advocate for the best interests of the client and provide guidance for moving forward into a positive new life.
Source: USA Today, “7 ways to ready your finances for divorce“, Elizabeth Renter, May 31, 2017