Is My Divorce a High Asset One?

 Posted on March 21, 2023 in Divorce

Every divorce has its own unique issues that must be addressed, however, for the most part, the process for each divorce is similar. However, when it comes to high asset divorces, the discovery, negotiations, and ultimate decree can be much more complex than a divorce that does not involve high net-worth assets. This is why it is important to have an attorney who is experienced and skilled in high-asset divorces. The following are some of the factors that indicate having a law firm that regularly handles complex divorces, like Powers and Kerr, PLLC, is in your best interest.

Numerous Real Estate Holdings

While many married couples own the home they live in, couples involved in high-asset divorces often own several properties. In addition to the marital home, they can own vacation homes, rental properties, commercial properties, and land.

Investments

High-net-worth couples not only have checking, savings, and retirement accounts, but they also typically have stock market investments with full portfolios that will pay out dividends in the future. The value of the investments often fluctuates, so it is important to have an attorney who has experience in determining the fair value of these investments so you are protected when it comes to the division of assets in your divorce.

Business Ownership

Many high-net-worth couples own their own businesses. The couple may even have ownership in multiple businesses. Any business is usually part of the marital estate unless there is legal documentation stating otherwise, such as a prenuptial agreement or a family trust. In order to determine the company’s worth both in the present and in the future, your attorney will have a business valuation done.

Numerous Vehicles

Many married couples usually each have their own vehicles and may have other small vehicles, such as ATVs or motorboats, but a high asset divorce couple will usually own multiple vehicles that will need to be included in the division of assets. They may own multiple cars, motorcycles, RVs, vintage cars, boats, and more.

Luxury Assets

Another marital asset that high net-worth couples may have are luxury items, such as expensive jewelry, paintings, sculptures, and collections. Even a couple’s expensive wine collection can be considered a marital asset and its value must be included in the property division.

Contact an Austin, TX High-Net Worth Divorce Attorney

If you are considering ending your marriage and have a high net worth, contact Powers and Kerr, PLLC at 512-610-6199 to schedule a confidential consultation with a seasoned Travis County high asset divorce attorney and make sure you get your fair share of the marital estate.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.3.htm