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The difference between a normal and high asset divorce

On Behalf of | Mar 15, 2019 | Foreclosure Defense

If you and your spouse are considered to be a high asset household and you are getting a divorce, you may be worried about how the divorce could affect your wealth. Many spouses are reluctant to go through a divorce in this situation, because they don’t want to lose the lifestyle to which they have become accustomed.

However, everyone has the right to pursue happiness, and if you are unhappy within your marriage, it is important to consider the options that are available to you and educate yourself on the law.

Child support is likely to be a big issue

If one spouse in the marriage is a very high earner, it is possible that they will be subject to extremely high child support obligations. Often high-asset divorcing spouses have disputes due to child support. However, it is important to remember that child support is in place not just to provide children with the basics, but to minimize the impact that divorce will have on their lives by helping to maintain the standard of living that they had before their parents split. This might include tuition to private school, for example.

Asset division can be a highly contested topic

Divorcing spouses in high asset divorces are likely to spend more time and resources on disputing the division of assets, as there is more to lose. If you are in a high-asset marriage, you should focus your divorce strategy in this area as well.

It is vital that you understand the way that the law works if you are considering filing for a high asset divorce in Texas.