Preparing for a High Asset Divorce

 Posted on February 15, 2018 in High Asset Divorce

Divorce can be a difficult process, no matter how respectful and amicable the parties are to each other. This is especially true in cases where substantial assets are involved, as it can be extremely difficult to account for and divide a diverse range of property and valuables. If you need help preparing for your own divorce, you should strongly consider speaking with an experienced high asset divorce attorney who can assist you.

Diverse Assets

One of the most difficult aspects of high asset divorces is identifying and fairly distributing assets, which could include:

• Real estate;
• Investments;
• Retirement accounts;
• Business ownership interests;
• Copyrights and trademarks; and
• Personal property, such as antiques or automobiles.

Texas is a community property state, which means that assets obtained after a marriage must be divided equitably upon divorce. Separate property obtained prior to the marriage, on the other hand, will remain in the sole possession of the original owner. For this reason, identifying assets and determining when they were purchased or received is critical to the outcome of a divorce.

Tips for Preparing for a High Asset Divorce

Identifying assets is not the only important step that couples should take when preparing for a high asset divorce, as couples are also often encouraged to:

• Contact a financial professional who can explain the tax implications of dividing property, identify the parties’ entire financial portfolio, determine whether one spouse is hiding assets, and explain options for protecting long-term financial interests;
• Gather all necessary financial documentation, including bank statements, business records, insurance documents, accounting records, and receipts for valuable personal property;
• Speak with a professional about valuing business interests and other assets; and
• Contact an attorney who can ensure that all assets are accounted for and divided fairly.

While many couples are able to come to an out-of-court agreement regarding important divorce-related issues, such as property division, child custody, and alimony payments, the reality is that this is often impossible, especially when there are allegations of hiding assets or other fraudulent activity. It is especially important in these cases for the parties to speak with an attorney who has the experience necessary to aggressively represent their interests in court.

Call Today to Consult with a Dedicated Cedar Park High Asset Divorce Lawyer

If you are thinking about filing for divorce and have significant assets, you need the advice of an attorney who is well-versed in the specific issues faced by high asset couples. To speak with an experienced Cedar Park high asset divorce attorney about your own case, please contact Powers and Kerr, PLLC today. Our legal team is eager to assist you throughout each step of your case.

Source:

https://www.usatoday.com/story/money/personalfinance/lifestages/2012/10/08/financial-tips-divorce/1584063/

http://www.statutes.legis.state.tx.us/Docs/FA/htm/FA.3.htm