Research shows that the average divorce proceeding lasts a year. Thirteen percent of a recent study’s participants reported that their marital breakups took over two years to finalize. Some divorces last five to eight years, particularly if they involve high-value assets. Here are some tips for making the divorce process as quick and seamless as possible when it involves high-value assets in Texas.
How to make divorce involving high-value assets simpler
High-net-worth (HNW) spouses should ideally engage in open communication with each other when going through divorce. This can help minimize conflict by enabling both parties to understand each other’s perspective. Reducing conflict may result in a faster divorce resolution so both parties can move on with their lives as soon as possible.
Creating a financial plan for life after divorce is another important step for HNW individuals going through divorce. Both parties would be wise to create post-divorce budgets reflecting their incomes and expenses after they have finalized the divorce. They may also want to revisit their retirement objectives and ensure they have emergency savings so they can feel more in control of their financial futures.
How an attorney can help
Working with a family law attorney with experience helping HNW individuals can help people with high-value assets in Texas make educated decisions about matters such as property division and spousal support during the divorce process, taking into consideration the tax ramifications of various asset distribution strategies. The attorney can help an HNW person seek a comprehensive settlement with his or her future ex-spouse through negotiations or seek a fair outcome in divorce court, if necessary. The attorney’s main goal will be to ensure that his or her client’s financial best interests are protected during each stage of the divorce proceeding.