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.
Divorce is often a difficult process for anyone here in Texas. Those who have a high level of assets may find it to be particularly challenging. It can be tough to determine the right way to divide assets, particularly if the married couple did not have a prenuptial agreement. There are even instances where one spouse may attempt to hide or shield assets from the other spouse so that it is not subject to the divorce agreement. This is what one woman alleges about her husband, saying that he is attempting to sell off his robotics company for less than it is worth ahead of their high asset divorce.
When Amazon founder, Jeff Bezos, and his wife, Mackenzie, announced they were divorcing after more than 20 years of marriage, it may have been expected that the division would be protracted and bitter. Surprisingly, the couple were able to obtain their high net worth divorce in an amicable manner. Texas residents who may be contemplating filing their own complex divorce may find that their own dissolution could be obtained without undue fighting.
When Congress passed the latest tax reforms in 2017, there were many changes that impacted people across the tax brackets. Though many of the changes may have been beneficial for some taxpayers, others discovered that they were facing significant increases in their tax bills. Some Texas residents may be considering the merits of a high net worth divorce in order to realize some tax relief.
For approximately 70 years, the alimony tax deduction helped families reduce taxes after a divorce. With the tax reform act that went into effect at the beginning of 2019, the option for deducting alimony payments from taxable income for the paying spouse was eliminated. In light of this change, there are other ways Texas residents can help reduce their tax burdens after a high net worth divorce.
The process of blending two lives in marriage requires patience and a period of adjustment. However, the process of obtaining a divorce is often much more complex, especially when it's a high net worth divorce. Texas residents who are contemplating this step may keep three practical points in mind.
When the economy is floundering, many unhappy couples are more willing to tough it out, rather than divide limited resources. However, when the economy is experiencing an upswing, unhappy spouses are more inclined to file for divorce. Texas residents who are contemplating a high net worth divorce may benefit from professional advice when seeking to divide some of their valuable collections.
When the Bezos' announced their impending divorce, the story was carried on every news outlet. Though there have been many high net worth divorce filings among the wealthy and newsworthy, this one garnered much attention based on the value of the assets on the line. However, there are four key points from this divorce that may serve any Texas resident.
For most couples, a divorce is a fairly straightforward undertaking. Once custody and property division is settled, each individual goes his or her separate way and starts a new life without undo complications. However, in the new age of digital money, wealthy Texas residents may find that cryptocurrency adds complexities to an already complex divorce.
It was recently reported that the publicity-shy actor, Robert De Niro, and his long-time wife, Grace Hightower, want to end their 20-plus year union. De Niro filed the petition anonymously in order to avoid public notice. In Texas and across the country, whenever high-profile couples seek a complex divorce, it's often difficult to avoid public scrutiny.