Protecting What You Value Most
What to remember during a high-asset divorce
by Travers & Travers | Jan 24, 2019 | High-net Worth Divorce
Just after the start of the new year, Amazon CEO Jeff Bezos announced that he would be divorcing his wife of 25 years. While the power couple is clearly trying to maintain a united front, both parties must realize that there could be a lot to gain and lose in the split. Every year, Texas courts dissolve quite a few high-value marriages. Though most Texans primarily view marriage as a romantic union, wealthy spouses often have something more like a business partnership. Any time spouses co-own major assets, disagreements about asset disposition can become acrimonious in a hurry. As if that wasn’t bad enough, divorce mistakes can lead to life-changing financial loss.
One key to managing a high-stakes divorce is to maintain focus on a handful of key goals. Realistically, few parties manage to get everything they want during a divorce. Only by compromising can spouses make the best of complicated and occasionally drawn-out divorce negotiations. Compromising in small matters can help one build the goodwill necessary to successfully negotiate larger issues.
Although going through a high-asset separation can precipitate strong emotions, emotional decision-making can prove disastrous. Far too often, divorcing spouses sacrifice their financial well-being for petty personal reasons.
When a person enters into divorce proceedings feeling like an aggrieved party, the possibility of error grows exponentially. Such a person could fall victim to well-meaning but useless advice from friends and loved ones. One can limit financial risk by simply securing adequate legal representation. After all, a qualified legal professional could shrewdly address the financial perils that can surface during a high-asset divorce. With the dedicated assistance of an attorney’s office, one can often experience greater confidence during a fraught, high-dollar separation.