Complex Financial Issues You May Experience in an Austin High Asset Divorce

 Posted on January 14, 2022 in High Asset Divorce

Once a married couple decides to call it quits, they must address many financial issues including the division of marital assets and debts. For couples who were only married for a short period of time and those who own little property, this process is relatively simple. However, couples with significant wealth and complex assets will likely need to spend much more time addressing financial concerns during their divorce.

Factors That Can Complicate Property Division in Your Texas Divorce

Texas is a community property state. This means that Texas courts divide marital property evenly between the spouses. Spouses are also able to negotiate their own property division arrangement. However, when a marital estate contains complex assets, assets with hard-to-determine value, or assets with fluctuating value, the couple will likely need professional help to reach a fair division of property.

Some of the most common complicating factors in a high-asset divorce case include:

• Business interests and family-owned businesses – Whether a couple runs a family business together or one spouse has acquired business interests on their own, owning a business greatly complicates divorce. Even if a business was obtained by a spouse before the marriage, part or all of the business may be considered a marital asset that must be valued and properly addressed during divorce.
• Stocks, stock options, cryptocurrency, and NFTs – By their nature, stocks, cryptocurrency, and other investments fluctuate in value. This means that it is difficult to determine the present value and divide this value between the spouses during divorce.
• Retirement assets – Retirement assets are often considered partially non-marital and partially marital assets. Pensions and other deferred compensation plans can be hard to value since the total value of the plan is not known until the owner reaches retirement.
• Hidden assets and fraud – Some spouses try to shield assets from division by hiding or transferring the assets. If you suspect your spouse is hiding assets, contact a lawyer for help.
• Prenuptial agreements and postnuptial agreements – Signing a prenup is supposed to make the divorce process easier. Unfortunately, enforcing prenuptial agreements and postnuptial agreements is not always straightforward, especially if there are questions about the contract’s validity.

Contact an Austin Divorce Lawyer

If you are ready to end your marriage, contact the skilled Travis County divorce attorneys at Powers and Kerr, PLLC. Our team is highly experienced in high asset and high net worth divorce cases. We can help you address property division, child support, spousal support, child custody, and more. Call 512-610-6199 for a confidential consultation.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.7.htm