Getting unhitched can be expensive, especially if the couple has been married for many years and is financially well off. Texas couples going through a high asset divorce may find it hard on the pocketbook for a number of reasons. If children are involved and valuable assets are a part of the scenario, the costs can be that much higher still.
Potential means of reducing costs
No matter how much a couple is worth financially, it’s still highly probable they want to cut divorce costs as much as possible. The primary way of doing that is to have an uncontested divorce since a contested divorce and litigation typically comes with a higher cost. A couple needs to discuss divorce issues that are likely to cause most angst in a divorce such as:
- Child custody
- Child support
- Spousal support
- Property division
The more issues a couple can agree on, the less likely the case will end up before a family court judge. One way of keeping costs down is utilizing mediation to come to an agreement on decisions. Mediation could actually save thousands of dollars, depending on a couple’s individual circumstances. Compromising goes a long way when it comes to saving funds on divorce.
Prepare for expenses
Any legal contracts that exist between couples, such as phone plans, points’ cards, etc., could be renegotiated. Each person needs to ponder what will be needed when on his and her own and also whether any loans need to be refinanced such as vehicle loans. Decisions also need to be made whether loans will be in one person’s name only.
A high asset divorce comes with many issues to negotiate. An experienced Texas lawyer may be able to assist a client to find the best way to move forward in these cases. In any event, it is prudent to seek independent legal advice before agreeing to anything during a high asset divorce.