While many experts make sure to inform soon-to-be wed couples of the importance of prenuptial agreements, it seems individuals with low-to-middle incomes are still avoiding them. Long thought only to be for the wealthy, a prenup can address property division in a divorce involving any type of individual, be they high-wage earners or low-wage earners. But recent research shows that the ultra-high net worth individuals are more likely than average people to believe in the power of the prenup. This may simply be because they have more assets to worry about in divorce.
Divorce can be a major headache for anybody. When a large number of assets are involved, there is a lot at stake and both spouses may decide to go for the throat of the other. That is why many are watching as the stage is set for the most expensive divorce of all time. The high asset divorce involves Harold Hamm, a man that made the majority of his money on oil.
Financially savvy married couples spend a majority of their relationship building their future together and planning their retirement. If both spouses are providing income and expenses are not too high, a retirement plan can become a substantial asset. Many couples in Texas realize this. In a high asset divorce, a 401k or pension plan is sometimes the most coveted of the assets and spouses will fight tooth and nail over the division.
Although the filing deadline for income tax returns is still a few months away, Texas couples who are approaching a high asset divorce may have some important considerations to make. As calendars turned over to 2013, federal legislators scrambled to address the "fiscal cliff" and adjusting tax rates. One of the most prominent aspects of the legislation that eventually emerged was a tax hike for those making over $400,000 per year.
Many spouses in Texas have found themselves agitated with one another at some point. If these sort of feelings persist for a length of time, it may result in a divorce. An unexpected split can result in a confusing scenario, especially for those experiencing a high asset divorce.
Couples in Texas should be prepared for divorce, just in case. Regardless of the presence of high-wage earners and whether the divorce may split a massive amount of assets, the emotional and financial consequences of dissolving a marriage are much stronger than most expect. Sure, the more wealth that is involved, the more complex the division of property will be, but that does not change the level of emotional stress that is likely to be created because of the divorce.
In many divorces in Texas, there is one spouse that does not make out as well as the other. High asset divorces may result in such differences, even when alimony and child support are involved. But instead of harboring negative feelings for your ex, why not try to move on and use your eventual happiness as a way to get revenge?
Many Texas families that are invested in a business worry about what might happen if a divorce occurs. Family businesses are usually the largest asset to be divided during the property division process, if they are present, and the complications only begin there. In many of these situations, both spouses participate in the operations of the business.
Texas is home to many married couples. Divorce is inevitable for some of them and when one spouse earns disparately more than the other, alimony is often paid. Stereotypical high asset divorces often see the ex-husband making payments to his ex-wife but it seems that this social norm may be in flux as more and more women are required to pay alimony or spousal support to their former husbands.
The recent split between Katie Holmes and Tom Cruise has been widely publicized, despite its surprisingly quick settlement and finalization. The couple, worth millions, managed to go through with their high asset divorce in an amazingly short amount of time, even with the custody of their shared daughter being determined and agreed upon.