Factors to Consider in a Texas High Asset Divorce

 Posted on July 23, 2020 in High Asset Divorce

High net worth divorces in Texas have many complex elements that do not exist in other types of divorce cases. If you are getting ready to file for divorce, or if your spouse has already filed, you should know just how important it is to have a Texas high net worth divorce lawyer on your side throughout this complicated and often lengthy process. Given the complexity of high asset divorces, we want to go through a list of things that anyone anticipating a high net worth divorce should consider.

1. You Should Hire a Lawyer Who Has Experience Handling High Asset Divorces

You want to make certain you have an Austin divorce lawyer who has experience handling high asset divorces in Texas.

2. You May Need to Hire a Forensic Accountant to Work on Your Case

Forensic accountants are often necessary in high asset cases for locating hidden assets, including tangible and intangible assets.

3. You May Need to Hire an Appraiser to Work with Your Divorce Team

Many high net worth divorces in Texas involve complex property that needs to be appraised by an expert in the field.

4. You Might Need to Anticipate a Change in Your Lifestyle After the Divorce

Although you may have lived an extremely comfortable lifestyle during your marriage, you might need to expect a change in your lifestyle and finances after the divorce.

5. You May Not Be Eligible for Spousal Maintenance

Under Texas law, spousal maintenance or alimony is extremely limited, and many spouses do not get it. In order to be eligible for alimony, a spouse typically needs to show that she or he lacks sufficient assets to provide for basic needs.

6. Mediation Can Be Beneficial in High Net Worth Divorces

Mediation can be incredibly beneficial in high asset divorces (as well as in other divorces), and it can speed up a settlement.

7. Your High Asset Divorce Could Impact Your Business

There is a possibility that your divorce could impact your business. In some cases, a business may need to be dissolved as part of a divorce proceeding.

8. Your Divorce Could Take Awhile

Since high asset divorces involve complex property, they can take longer than other kinds of divorce cases.

9. You Should Plan to Create and Maintain Extremely Detailed Records

Detailed financial records can help to ensure that you receive the appropriate amount of community property in your divorce.

10. You Can Avoid Common Mistakes in a High Asset Divorce

High asset divorces often have similar mistake patterns. High net worth divorce attorneys can help you to avoid common mistakes.

Contact an Austin High Net Worth Divorce Lawyer

If you are in the early stages of planning for a divorce that will involve complex and high-value assets, you should have an aggressive Austin high net worth divorce attorney on your side from the start. One of the advocates at our firm can discuss your situation with you today and make a plan for moving forward with your divorce case. For all contentious matters in a Texas divorce, a complex litigation attorney can assist you, and a complex child custody attorney can work with individuals who are facing high asset divorces involving minor children from the marriage. Contact Powers and Kerr, PLLC online or call us at 512-610-6199 to learn more about the services we provide.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.8.htm