8911 N. Capital of Texas Highway, Building 2, Suite 2105,
Austin, TX 78759

Call Us512-610-6199

Subscribe to this list via RSS Blog posts tagged in asset appraisal

TX high asset divorce lawyerThe first step you should take when you know divorce is imminent is to hire an experienced Austin high asset divorce lawyer. Once you have a dedicated high net worth divorce attorney on your side, it will be important to talk with your lawyer about working with financial experts on various aspects of your case. From forensic accountants to art appraisers, there are a variety of financial experts who may be able to provide necessary knowledge in your divorce case. The following are the top reasons you should consider working with financial experts in your Texas high asset divorce case.

1. Locate Hidden Assets

Locating hidden assets is one of the most important reasons to work with a financial expert in your high net worth divorce. While Texas law requires parties to provide full and complete lists of all property to be classified as community or separate property, one of the parties may attempt to hide assets by unlawfully transferring them through a gift (or otherwise) to another party or moving money between community property and separate property accounts.

Unlike some other accountants, forensic accountants have experience providing evidence for the courtroom and conducting investigations. Forensic accountants are specially trained to identify fraud and hidden assets, and to provide expert testimony about those matters.

...

TX divorce lawyerAlthough some couples quickly follow up the decision to end their marriage with a divorce filing, it is also not uncommon for couples to carefully consider this option over a period of weeks or months before officially filing for divorce. Those who take the latter route have the benefit of extra time in which to plan for the termination of their marriage, which can make all the difference in how smoothly the later divorce actually proceeds. This is especially true for couples who have unique or particularly valuable assets, as accounting for, appraising, and ultimately dividing these assets can take a significant amount of time. To learn more about how an experienced high asset divorce attorney can help you plan for your own pending divorce, please contact our legal team today.

Planning for Alimony

As a result of changes made to the tax code last year, divorced spouses who pay alimony are no longer permitted to deduct those payments come tax season, while spouses who receive these payments can no longer count those payments as income. Knowing how, and planning for, these changes will affect a couple’s own financial situation after divorce is important to the success of the negotiation process. For instance, divorcing couples who properly plan before litigating a divorce could redistribute their assets in such a way that they are able to regain some of what they will lose as a result of the new alimony legislation. The spouse, for example, who is the higher earner could retain the couple’s taxable assets, such as cash, stocks, and bonds, while the lesser earning spouse could retain the tax-deferred accounts like 401(ks) and IRAs.

Accounting for and Appraising Assets

Couples who own extensive, unique or especially valuable assets usually have a more difficult time accounting for, characterizing, and appraising all of those assets. Beginning this process ahead of time can help couples avoid some of the stress that goes along with dividing up a marital estate. Hiring a forensic accountant and other financial specialists can also play a crucial role in ensuring that no assets are improperly appraised or are unaccounted for during the property division process. Compiling documentation related to ownership and value can also be accomplished in the planning stage, which can save time later on in the proceedings.

...
Super Lawyers TBLS AV Martindale Avvo Top One Expert Top 10 Law Firm
Back to Top