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Advice to High-Net-Worth Individuals Contemplating Divorce

Posted on in Divorce

Fort Worth Family Law Attorney Nathan Hatton Offers Advice to Wealthy Individuals Considering Divorce

Gather information about assets.

It isn’t always an easy task to gather information on assets, particularly in cases in which one spouse runs a business that the other does not play a large role in. However, it is prudent to take any steps that a spouse can easily take, such as making a copy of quarterly IRA statements. The more a spouse knows about marital assets, the quicker the process can move, and the lower the costs. 

Don’t make a run on the bank.

It is natural and normal to be anxious during a divorce, but spouses should not take extra money out of joint accounts. Nor should one spouse spend marital assets on any large purchases without getting an okay from the other. Don’t go on a spending spree.

Consider tax implications.

Division of assets may be taxable unless they are rolled into another qualified purchase within a specified time.  Likewise, withdraws from retirement savings accounts may occur without penalty but may be taxable. In high net worth divorces, in addition to working with a divorce attorney, spouses should expect to consult with their CPAs or other tax professionals. 

Don’t assume you will get spousal support.

Spousal support is not mandatory in Texas.   Judges have wide discretion in considering whether to grant a request for spousal support.  Each case is different, and any spousal support would be contingent on the division of the marital assets.

Expect advice that fits your unique set of facts.

One of the smartest questions you can ask your attorney as you navigate a high-net-worth divorce is this one: What steps should I take to protect myself? A full answer to that question varies because it depends on your unique circumstances. Have questions? Call (817)-349-8120 to schedule a consultation.

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