Issues Unique to High Asset Divorce

 Posted on October 17, 2018 in High Asset Divorce

All Texas divorces must be conducted in compliance with state law. However, this doesn’t mean that all divorces are the same. High asset divorces, in particular, come with unique issues. For this reason, it is especially important for those with significant, unique, or diverse assets who have decided to dissolve their marriages, to retain an experienced high asset divorce attorney who is well-versed in these issues and can ensure that their interests and rights are protected.

Financial Complication

One of the most difficult parts of the divorce process is deciding how assets will be divided. This is especially true for those with significant assets who don’t have a prenuptial agreement, as the process of identifying, appraising, and attempting to divide property is much more complex. In these cases, it is not uncommon for couples to have rare or unique property, such as real estate, antiques, artwork, and jewelry, that is both difficult to appraise and divide. It is also much easier in these situations for one spouse to try to hide specific assets, which is both unlawful and could result in an unfair property settlement agreement.

Emotional Implications

Even when a couple has an amicable relationship, going through a divorce is stressful. In many cases, these high emotions are only fueled in high asset divorces, as there is simply more to fight over. It’s also not uncommon for one spouse to have more knowledge of finances and property ownership, in which case, the other party could end up with an unfair settlement if the more financially knowledgeable spouse failed to disclose the ownership of certain property. This, in turn, can make the divorce process even more emotional for the wronged party.

Privacy Concerns

Unfortunately, divorce often means that a couple’s financial information will become a matter of public record. For well-known couples with significant assets, this can be an uncomfortable situation. However, in Texas, it is possible to keep one’s divorce records private by demonstrating to the court that sealing the records wouldn’t have an adverse effect on the public safety or health and that the information contained in the records doesn’t involve matters that should be made available to the general public. This process can be complicated, making it doubly important for couples going through a high asset divorce to retain an attorney who can give them the best chance of keeping their financial records out of the public eye.

Schedule a Case Evaluation with a Leander High Asset Divorce Attorney

To speak with an experienced Leander high asset divorce lawyer about your own pending divorce, please contact us at Powers and Kerr, PLLC. You can reach a member of our legal team who can advise you regarding your questions and concerns by calling 512-610-6199 or by submitting one of our online contact forms.

Sources:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.4.htm

https://www.stcl.edu/library/TexasRulesProject/TRCPPartIIsec4A/rule76a1990.htm