Divorce comes with many challenges, especially when it comes to facing the changes in one’s financial situation post-divorce. When a high-asset individual in Texas goes through a divorce, they must make the right decisions to protect themselves and their finances. While it’s not always the case, if one individual was the main wage earner in the marriage, the other party may wish to have more than their fair share of the assets. This can lead to negative interactions between the divorcing parties, making a difficult situation even more challenging.
Avoid these mistakes
Divorcing as a high-asset individual can be very stressful, but there are ways to avoid common mistakes often made during the divorce process. Not making an inventory of all assets can lead to problems during the divorce process. Be sure to include tangible and non-tangible assets in the list.
Keeping joint accounts during divorce can also be problematic as it allows the other party full access to funds, allowing them to withdraw large amounts before the divorce is complete. High-assets individuals must be diligent in keeping track of their assets, so the other party is not able to dispose of them before divorce proceedings. Lastly, working with a financial advisor can help one deal with financial changes once the divorce is finalized.
Legal help during asset division
Even the most amicable Texas divorce can become contentious when it’s time to divide assets. High-asset individuals must take steps to protect themselves during divorce. This includes working with an experienced family law attorney who can help one make the best decisions based on the circumstances.