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TX high asset divorce lawyerWhat makes a high asset divorce in Austin, TX  a high asset divorce? In other words, how much money does a married couple need to have in order to be considered to have a high net worth divorce? And when a married couple is anticipating a high asset divorce, how might the case differ depending upon the source of the assets and the likelihood that one or both spouses will continue to contribute to those assets in the future, even after they are divided as community property?

To be clear, not all high asset divorces are the same. For example, some involve two spouses who have both contributed significant assets to their community property through high-paying careers and family inheritances, while some involve scenarios in which only one of the spouses was the primary source of the monetary assets that make up the community property. These divorce cases can look quite different from one another, and the experienced Austin high asset divorce attorneys at our firm want to tell you more.

Both Spouses Were High Earners During the Marriage

When both spouses were high earners during the marriage, the prospect of dividing certain types of community assets under Texas law, such as retirement benefits or stock options, may not be as daunting since both parties likely anticipate that they will continue earning a substantial paycheck and benefits after the divorce and may not actually see any of those benefits transferred directly to a spouse. Moreover, when both spouses are high earners, the matter of alimony or spousal maintenance is often much less of a concern.

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TX high asset divorce lawyerAlthough divorce can be an emotional rollercoaster for the parties involved, proceedings can become especially contentious when there are disputes about ownership of significant, unique, or valuable assets. While prenuptial agreements can help clear up these disagreements, many couples fail to enter into these types of contracts, as they deem it unlucky to contemplate the end of a marriage before it actually begins. For help protecting your property during your divorce, please contact our experienced Texas high asset divorce legal team today.

Accounting for All Assets

One of the biggest mistakes that a divorcing couple can make is to fail to account for all of their assets, including:

  • Current bank accounts
  • Non-cash assets
  • Future interests, such as pensions, start-up stock options, and business interests
  • Inherited funds or goods
  • Income earned prior to the divorce filing, but received later, including bonuses and recent paycheck retirement contributions

Identifying all of these types of assets can be difficult, especially for those who do not play an active role in managing their household finances, so it is particularly important for those who find themselves in this position, to speak with an experienced forensic accountant before proceeding with the property division process.

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TX high asset divorce attorneyOne of the factors that sets high asset divorces apart from many other divorces is the practice of hiding assets. Fortunately, there are steps that divorcing parties can take to discover and report attempts by their spouses to hide assets. However, taking these steps usually requires the assistance of professionals, including a forensic accountant and a high asset divorce attorney, both of whom can help track down assets and thereby ensure that any settlement agreements entered into by the parties account for all of the couple’s property.

Utilizing the Discovery Process

Couples who litigate their divorces are required to provide each other with copies of important documentation and to submit to questioning. By requesting the production of documents and issuing interrogatories, a high asset divorce lawyer can help get to the bottom of a couple’s financial situation, as parties who refuse to produce documentation as ordered, or who lie while under oath, face strict penalties.

Following Paper Trails

Divorcing spouses attempt to hide assets in a number of different ways, including:

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