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Dubai Princess Gets $720M In Divorce

You may have heard about a Dubai princess that got a record $720M payout from a divorce. While none of us have that sort of money to squabble over, understanding what a wealthy divorce can look like can be important – both for the individual who has money and the one who doesn’t.

Advice From Our
Family Law Attorneys

We asked our experienced family law attorneys for their perspectives on this story and if there are any takeaways that could be useful for anyone else facing a divorce. Read their valuable advice and insights below.

Advice From Our Texas Family Law Attorneys

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Marie McGrath
Managing Attorney
Austin, TX

If you are about to enter into a marriage with a lot of assets, you should consider asking your soon to be spouse to sign a prenuptial agreement .  An attorney can explain to you the laws in your state concerning prenuptial agreements.If you are the one being asked to sign a prenuptial agreement make sure you consult an attorney first.  You do not want to give away rights that you might normally have. An attorney can explain to you the laws in your state concerning the validity and requirements of a prenuptial agreement.

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Ava Louviere
Associate Attorney
San Antonio, TX

The number one thing to consider when you are the wealthy one in a divorce is where you live! If you’re wealthy, being in a state like Texas that limits child support, spousal maintenance, and property division is what will benefit the wealthy one most. In a divorce, you are subject to the laws of the state you reside. So, regardless of what side of the wealth you fall on, consider this when deciding where to buy your next home.

Advice From Our Family Law Attorneys

We asked our experienced family law attorneys for their perspectives on this story and if there are any takeaways that could be useful for anyone else facing a divorce. Read their valuable advice and insights below.

Advice From Our
Texas Family Law Attorneys

MEM-thumbnail_1.1

Marie McGrath
Managing Attorney
Austin, TX

If you are about to enter into a marriage with a lot of assets, you should consider asking your soon to be spouse to sign a prenuptial agreement .  An attorney can explain to you the laws in your state concerning prenuptial agreements.If you are the one being asked to sign a prenuptial agreement make sure you consult an attorney first.  You do not want to give away rights that you might normally have. An attorney can explain to you the laws in your state concerning the validity and requirements of a prenuptial agreement.

AXL-thumbnail_1.1

Ava Louviere
Associate Attorney
San Antonio, TX

The number one thing to consider when you are the wealthy one in a divorce is where you live! If you’re wealthy, being in a state like Texas that limits child support, spousal maintenance, and property division is what will benefit the wealthy one most. In a divorce, you are subject to the laws of the state you reside. So, regardless of what side of the wealth you fall on, consider this when deciding where to buy your next home.

Advice From Our Colorado Attorneys

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Justin Vanderveer
Associate Attorney
Denver, CO

As we have seen with these high-value divorces, all the money in the world can’t stop the non-wealthy party from getting what they are owed. Even though people often come to attorneys feeling powerless to stop their partner from ruining their lives, there is always hope, and as strange as it may seem, the legal system does not exist to only protect the wealthy. In Colorado, the law requires an equitable division of property, and factors in things like the length of the marriage, contributions to the children, household, and lifestyle.

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Jessica Breckenridge
Associate Attorney
Fort Collins, CO

The best way to navigate money in a divorce is by understanding why the court orders what they do. Courts order financials according to how the parties lived as a couple. When children are involved, the court attempts to provide a lifestyle that is not significantly different from the lifestyle they enjoyed while in their combined family household. Modern Family Law tip: It helps to have an experienced family law attorney that knows the courthouse and judges as well.

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Chelsea Hillman
Senior Attorney
Colorado Springs, CO

“It’s important to focus on the future, not the past when thinking about wealth and what it has provided to the family. Getting tangled up in who bought what and when can only lead to higher attorney fees. At the end of the day, the court will want to equalize the situation. If you are the one without the money, you have options. For instance, there are different hearings with the court that can allocate money for legal fees from the wealthier partner. While the intimidation can be overwhelming, there are options, especially if there is abuse involved.

Advice From Our
Colorado Attorneys

JXV-thumbnail_1.1

Justin Vanderveer
Associate Attorney
Denver, CO

As we have seen with these high-value divorces, all the money in the world can’t stop the non-wealthy party from getting what they are owed. Even though people often come to attorneys feeling powerless to stop their partner from ruining their lives, there is always hope, and as strange as it may seem, the legal system does not exist to only protect the wealthy. In Colorado, the law requires an equitable division of property, and factors in things like the length of the marriage, contributions to the children, household, and lifestyle.

JXB-thumbnail_2.1

Jessica Breckenridge
Associate Attorney
Fort Collins, CO

The best way to navigate money in a divorce is by understanding why the court orders what they do. Courts order financials according to how the parties lived as a couple. When children are involved, the court attempts to provide a lifestyle that is not significantly different from the lifestyle they enjoyed while in their combined family household. Modern Family Law tip: It helps to have an experienced family law attorney that knows the courthouse and judges as well.

CMH-thumbnail_1.1

Chelsea Hillman
Senior Attorney
Colorado Springs, CO

“It’s important to focus on the future, not the past when thinking about wealth and what it has provided to the family. Getting tangled up in who bought what and when can only lead to higher attorney fees. At the end of the day, the court will want to equalize the situation. If you are the one without the money, you have options. For instance, there are different hearings with the court that can allocate money for legal fees from the wealthier partner. While the intimidation can be overwhelming, there are options, especially if there is abuse involved.

Advice From Our California Attorneys

Oakland Family Law Attorney Diane Nguyen

Diane Nguyen
Managing Attorney
Oakland, CA

Prenups may help you in California. Most attorneys will agree that in California you can waive spousal support, as each spouse can agree to change the nature of separate or community property. For instance, if one person owned the house before marriage, that house would typically remain the spouse’s property in a divorce, but the couple can agree to make it community property as well. Spouses can also agree that “community property,” such as income, which would normally be divided equally in the event of a divorce, remains separate. There are many laws in California when it comes to prenups and you should consult an attorney.

Advice From Our
California Attorneys

Oakland Family Law Attorney Diane Nguyen

Diane Nguyen
Managing Attorney
Oakland, CA

Prenups may help you in California. Most attorneys will agree that in California you can waive spousal support, as each spouse can agree to change the nature of separate or community property. For instance, if one person owned the house before marriage, that house would typically remain the spouse’s property in a divorce, but the couple can agree to make it community property as well. Spouses can also agree that “community property,” such as income, which would normally be divided equally in the event of a divorce, remains separate. There are many laws in California when it comes to prenups and you should consult an attorney.

Our Attorneys Are Ready To Listen

Our experienced family law attorneys have the knowledge, resources, and dedication to prepare your case and protect your interests to find the best possible outcome.

Modern Family Law

Modern Family Law’s team of experienced family law attorneys takes a compassionate approach to the practice of family law. Using innovative technology to create an effective and efficient process for our clientele, our attorneys approach each case as a collective effort to find the best long-term solutions for each family. Our attorneys currently practice in Colorado, California, and Texas. Click the following link to view all of our family law locations. For more information please give us a call or fill out a short form online to sign up for a free consultation today! Let us make a positive difference in your life.

Modern Family Law

Modern Family Law’s team of experienced family law attorneys takes a compassionate approach to the practice of family law. Using innovative technology to create an effective and efficient process for our clientele, our attorneys approach each case as a collective effort to find the best long-term solutions for each family. Our attorneys currently practice in Colorado, California, and Texas. Click the following link to view all of our family law locations. For more information please give us a call or fill out a short form online to sign up for a free consultation today! Let us make a positive difference in your life.

Posted December 28, 2021
by: MFL Team


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