With much of the media still abuzz with the news of Angelina Jolie and Brad Pitt’s divorce and their interesting financial situation — including several children, high net worth, multiple households and future royalties — it is easy to forget that other couples are currently getting divorced, too. Many individuals may envision these divorces to be the sort of free-for-alls often portrayed in movies. However, they don’t have to be, as even a high net worth divorce in Texas can simply serve not only as a negotiation that will result in both parties being provided for financially but, more importantly, allowing some form of a relationship to continue to help with the new chapter of joint parenting.
Before such a divorce even progresses to financial negotiations, professionals recommend that parties must first take a moment to think about what sort of divorce they really want. This is accomplished by deciding what is most important to them, one expert recommended. Some important aspects to consider include whether the individual wishes to part with dignity, if co-parenting their children is a priority or if maintaining one’s assets is the sole goal.
Another aspect of divorce that must be considered is the idea of receiving financial support for the rest of one’s life – what was once known as alimony, though is now referred to as maintenance. Overall, this is not as common as it was in the past. Like many aspects of divorce, family courts typically now employ formulas for this in order to standardize (and simplify) the process. For example, the spouse who has less money will typically receive maintenance for a certain amount of time that is equal to half of the marriage’s length.
Above all, it is critical to remember that the divorce process takes time, especially in the case of a high net worth divorce. When one occurs in Texas, experts recommend assembling a collaborative team of professionals, including financial advisors, child specialists and lawyers. This method works most efficiently when there are complicated assets, as the team can then invest the time needed in order to better understand the individual and his or her unique situation.
Source: The New York Times, “How Rich Couples Who Aren’t Pitt and Jolie Manage Their Divorces“, Paul Sullivan, Sept. 30, 2016