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High Asset Divorce Archives

Divorces involving high assets affected by tax law changes

Taxes are often far from the minds of divorcing spouses in Texas during the process of dissolving a marriage, but taxes can present themselves with unexpected costs in time for those who are unprepared. Kiplinger has published findings by a tax attorney that show some divorcing spouses may face higher taxes with changes in the various laws regarding payments for alimony and child support after a divorce.

Planning for the future after a 'gray divorce'

Older Texas couples considering divorce may be particularly concerned about how ending a marriage later in life could affect future retirement. No matter a person's age, divorce can be an emotional and financial challenge. While custody and child-rearing are often the biggest issues for younger ex-spouses, divorce presents its own challenges for older couples. It's especially difficult for those who have been married for many years and have deeply intertwined finances.

Property division in a high-asset divorce

People in Texas who decide to divorce may realize that the financial effects of the end of a marriage can be far more long-lasting than the emotional and practical aspects of the split. Indeed, many people planning for divorce feel intense stress about how their finances will change. However, by reviewing their assets, liabilities, income and expenses, people can make a plan for their post-divorce financial future that can help to improve their peace of mind moving forward.

Dealing with private businesses during a divorce

Dividing marital estates is often a challenging and contentious process in Texas and around the country, and reaching an amicable settlement can be especially difficult when one of the most valuable assets involved is a family-owned business. Determining the value of a private business is rarely a straightforward process, and people who are not involved in day-to-day operations may believe that the companies run by their spouses are worth far more or far less than they actually are.

How divorce may effect finances in retirement

Some Texas women may want to consider keeping the home in a divorce even though this is not the advice usually given by financial professionals. The reason they advise against it is that it may be financially impossible to afford the home. A woman may be able to pay the mortgage but might struggle with the additional costs of maintaining the home including upkeep, insurance, taxes and utilities.

Prenuptial agreements for wealthy adult children

It's common for Texas residents to get married believing that they are entering a relationship that will last the rest of their lives. Unfortunately, divorce rates show that this is not always the case. Divorce takes on an extra level of complication for children of wealth. In many cases, it is beneficial for these individuals to create a prenuptial agreement prior to making their wedding vows.

Lack of financial knowledge may complicate a divorce

People over 50 are twice as likely to get divorced than they were in the 1990s, and this could lead to financial problems for people in Texas who have not been active participants in the household finances. According to a report published by UBS Global Wealth Management, 56 percent of married women allow their spouses to make major financial and investment decisions.