There’s a common misconception that men are forced to give up a lot of financial wealth when they get divorced, but losing money is a common problem for high earners of both sexes in Texas. A woman who worked as a certified financial planner estimates that she lost more than $1 million in retirement savings during her divorce because she didn’t have a prenuptial agreement. Other unfortunate financial circumstances also contributed.
Since very few couples think they are going to get divorced, it’s somewhat uncommon for newlyweds to protect themselves financially. In many cases, this isn’t necessarily a problem, but for marriages that start with two parties who have individual wealth, it can be. In order to shield the assets earned before getting married, creating a prenuptial agreement before tying the knot should be a goal for each party.
When there are significant financial assets involved in a divorce, assistance from a certified divorce financial analyst can be very helpful. These professionals can be hired by one party or on a joint basis. They can work with the divorcing couple to ensure that the division of assets is equitable. They can also help the ex-spouse who is not experienced with financial planning set up a budget that provides a comfortable lifestyle into the future.
In a high-asset divorce, it’s important for each party to have legal representation. During this overwhelming and exhausting process, an attorney may help their client put their goals in focus and develop strategies. The attorney may also make sure a full account of all assets is taken so that each party receives their fair share. In many cases, decisions regarding the distribution of finances can be handled amicably in mediation, but going to court might be necessary.