Common Mistakes to Avoid in a High Asset Divorce

 Posted on January 24, 2020 in High Asset Divorce

High asset divorces in Texas are different from other types of divorces. These divorces often involve complex property division and complicated valuations of community property. Since all community property is divisible under Texas law, it is essential that high-value assets be appraised accurately. Beyond complex property division matters, high asset divorces can also be much more complicated in terms of spousal maintenance issues, as well as matters pertaining to child support and even child custody. Given that high asset divorces are so complicated, it is easy to make mistakes if you do not work with an experienced attorney. Those mistakes can cause problems in your divorce case and can, in some situations, be irreparable.

An aggressive Texas high asset divorce lawyer at Powers and Kerr, PLLC can begin working on your case today. In the meantime, the following is a list of common mistakes you should avoid in an Austin high net worth divorce.

Failing to Work with an Expert Appraiser

In a high asset divorce, it is essential to work with an appraiser who can provide an accurate and fair valuation of your valuable property. If you fail to work with an expert appraiser, the court may value property in ways that do not take into account the unique aspects of the property, or your spouse’s valuation may be the sole evidence that the court uses to place a value on the property. You should work with your lawyer to hire an appraiser who has experience providing market and insurance valuations of the particular kinds of property that will be classified as community property in your divorce.

Forgetting to Hire a Forensic Accountant

High asset divorces in Austin involve significant amounts of money and valuable property. Do not forget to hire a forensic accountant to ensure that all assets are properly identified and classified. Even if your spouse is not trying to hide assets, a forensic accountant can still identify assets that one or both parties may have forgotten to list.

Hiring a Divorce Lawyer Who Does Not Have Experience in High Asset Divorces

A high asset divorce requires a divorce lawyer with experience in high net worth divorce cases. Do not make the mistake of hiring an attorney who does not routinely represent clients in high asset divorces.

Attempting to Hide Assets

Never attempt to hide assets. Even if you think a particular piece of tangible property or an intangible asset belongs only to you and is not community property, you need to leave that classification up to the court. If you try to hide assets, the consequences can be severe.

Agreeing to a Settlement to End the Divorce Quickly

While a high asset divorce can be extremely stressful and can take a significant amount of time, it is important to see the process through to the end. Although it can feel emotionally and financially draining to deal with appraisers, forensic accountants, court appearances, and other matters, you will regret simply agreeing to a settlement in order to finish the divorce as quickly as possible. You have spent a long time acquiring assets with your spouse, and you should ensure that they are handled appropriately in your Austin divorce.

Contact an Austin High Net Worth Divorce Attorney

When you are anticipating a high net worth divorce, it is essential to have an experienced Austin high asset divorce attorney on your side. At Powers and Kerr, PLLC, we routinely assist clients with a wide variety of divorce matters that are specific to a high net worth divorce. Beyond the complexities of property division in a high asset divorce, an experienced complex child custody attorney or complex litigation attorney at our firm can help with other legal matters in your divorce case. Contact Powers and Kerr, PLLC at 512-610-6199 for more information.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.6.htm