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High net worth divorce: Issues of concern for many women

On Behalf of | Jan 16, 2020 | High Asset Divorce |

There are many reasons why a Texas couple might decide to end their marriage. Sometimes, financial issues are a big factor although most advisers say the decision to divorce should not be solely based on money. Especially in a high net worth divorce, financial matters may be of particular concern, however. It is helpful to carefully review finances and to know where to seek advice and support before heading to court in a high asset divorce.

Women are, generally speaking, more informed and astute regarding financial matters nowadays than the average woman might have been in decades past. In fact, long ago, most women were comfortable letting their spouses handle everything financial in a marriage. Lacking information regarding one’s own financial status, as well as a spouse’s assets and liabilities can place one at a great disadvantage in divorce proceedings.

It is wise to carefully review household finances before filing for divorce. Making a list of current expenses and debts is a good place to start. A concerned spouse will also want to review all financial documents, such as bank statements, credit card statements, tax information and any available documents regarding investments or retirement issues.

Approximately one third of the women who come to see one financial adviser are considering filing for divorce. The adviser noted that in all types of divorces, the women who are well-informed regarding finances are more confident in making plans for the future. She strongly believes that financial knowledge gives these women a sense of empowerment and they feel more capable of making decisions about property division and other settlement matters.

Some Texas spouses have run into legal problems in high net worth divorce when their former partners have tried to hide money or other assets to avoid losing them to their exes in property division proceedings. Such schemes are illegal, and the court will not look favorably on a spouse who tries to gain the upper-hand in this manner. Anyone concerned about such issues or other financial matters may wish to discuss his or her situation with an experienced family law attorney.