Being wealthy does not make a person less romantic, and affluent Texas residents typically have the same expectations of their marriages lasting forever as do those with fewer assets. The only difference is that if you, as a wealthy person, decide to go your separate way, the property division process will likely be more complicated, and a high level of contention can exacerbate the trauma and stress.
While you can achieve a structured separation if there is a prenuptial agreement in place, you might have neglected to sign such an agreement before you got married. This is common for couples who accumulated their wealth during the marriage. Without prearranged guidelines for the division of property, you may find the divorce process mentally and emotionally draining. You can possibly alleviate many of the contentious issues and avoid some of the common divorce mistakes with the guidance of an attorney who focusses on high-asset, high-conflict divorces.
Here are three common errors that can be damaging:
1. Going to court with preconceived expectations
Divorce litigation may disillusion you, and it may be beneficial to discuss alternative negotiation options with your attorney and a financial advisor. This may also avoid having your personal affairs joining those of other affluent couples in the media.
2. Expecting more than moral support from family and friends
The moment family and friends learn about your plans to file for divorce there will likely be no shortage of advice. However, every divorce is unique, and professional advice based on your particular circumstances may be worth more. While having a support team is invaluable, moral support and legal advice may be best kept separate. The divorce process will likely involve some of the most important decisions you will make in your life, and if you base your choices on the advice of friends and family, you may regret it later.
3. Failure to focus on the entire financial picture
While the services of a high-conflict, high-asset divorce attorney are indispensable, you may want to consider adding a divorce financial analyst to your professional support team. He or she can assess your complete financial portfolio and provide valuable input and advice while ensuring that nothing is left unaddressed. This may lead to your sustained post-divorce financial well-being.
In many high-asset divorces in Texas, both spouses have the means to fight costly legal battles that can drain a significant part of their assets. You may be able to avoid such losses by retaining the services of an experienced divorce attorney who will fight intelligently and aggressively to avoid draining all your assets. After all, the aim for any divorce decree is to ensure a just and fair division of community property and marital assets.