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TX high asset divorcePreparing for an imminent divorce in Texas is difficult under any circumstances. Whether you are planning to file but want to make sure you are the one who serves your spouse with papers, or you have recently been served with a divorce petition, getting ready for a divorce can be extremely stressful. High asset divorces in Texas make preparation for a divorce even more complicated given the value and complexity of many assets that will be classified as community property under Texas law. When an Austin high net worth divorce is imminent, you should begin taking steps to ensure that you have the best chance of reaching a divorce resolution that is right for you. The following are tips for preparing for an imminent high asset divorce. If you have additional questions or need assistance, you should reach out to an experienced Texas high net worth divorce lawyer as soon as possible for legal advice.

Find an Attorney with Experience Handling High Net Worth Divorces in Texas

It is incredibly important to have a lawyer with experience representing Texas clients in high asset divorce cases. While you might think that any well-reviewed divorce attorney can handle your case, it is in your best interest to hire a high asset divorce lawyer who knows how to effectively represent clients in your position. High net worth divorces can have a variety of complex and contentious issues, and you will want to have an advocate on your side who knows what to do.

Learn About Appraisers and How They Can Help with Asset Valuation

Now is the time to begin learning about appraisers and how an appraiser can help you to obtain fair valuations for assets that will likely be classified as community property. You should not rely on your spouse to hire an appraiser. To be sure, you will want to work with an appraiser who is clearly a neutral party and will not give a biased valuation of certain tangible property.

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TX divorce attorneyHaving individual legal representation during divorce proceedings is one of the best ways that divorcing couples can ensure that their marriages are dissolved as quickly and smoothly as possible. There are, however, other professionals who can also play a crucial role in helping couples divide their most valuable assets, come up with alimony agreements, and negotiate child custody arrangements. Determining who to contact for help with your own divorce can be difficult, so if you and your spouse have decided to file for divorce, you should consult with an experienced high asset divorce lawyer who can assist you in building a dedicated divorce team.

Business Valuators

Hiring a team of professionals can play an important part in helping a divorcing couple resolve their differences, especially when it comes to valuable, unique, or complex assets. For instance, many of those who are involved in high asset divorces own one or more business interests. In these cases, divorcing parties are usually encouraged to retain an experienced business valuator who can provide an accurate assessment of a company’s value. Taking this step is critical to ensuring that any property division agreements are equitable and fair to both parties.

Forensic Accountants

Couples with significant, unique, or especially valuable assets are much more at risk of having one spouse attempt to hide those assets from the other during a divorce. Hiring a forensic accountant is one of the best ways to prevent this type of behavior, as these individuals are uniquely equipped to identify and appraise assets through the in-depth analysis of financial records. It’s actually a good idea for any couples who are going through a high asset divorce to consult with a forensic accountant. This is true even for those who are not concerned about hidden assets, as it is not uncommon for couples with complicated investment portfolios to forget to account for certain valuable marital property.

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Posted on in Complex Divorce

Texas divorce lawyerCouples with significant or diverse assets are often required to deal with unique hurdles when going through a divorce. For this reason, many high asset couples are strongly urged to work closely not only with an experienced high asset divorce attorney, but also with a skilled financial team that can help assess the value of the couple’s property. To learn more about what kind of financial advice you may require during a high asset divorce, please call our legal team today.

Types of Financial Experts

Financial teams that assist couples who are going through a divorce often include some or all of the following individuals:

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Austin divorce attorney, forensic accountants, high asset divorce, complex divorce, division of property, hidden assetsWhen involved in a high-asset divorce, there are key issues which top the list of importance. Child custody may be number one if a divorcing couple has young children. However, for divorcing couples who either do not have children or have children who are grown, their number one priority often involves finances.

Texas is a community property state. This means that all property a couple has acquired during their marriage needs to be split evenly between the two spouses. Additionally, besides the usual bank accounts, divorcing couples involved in a high-asset divorce may own assets such as stocks, professional practices or businesses, various trust accounts, retirement plans, and insurance plans. Couples may have multiple properties in differing states or in foreign countries, as well as antiques, art, and other expensive collections. All of these items make up the marital estate and need to be evenly divided between the two spouses.

Also, one spouse may choose to hide assets or property from the other spouse in an attempt to keep those assets from being included in the marital estate, especially during a contentious, high-asset divorce. Therefore, it can be beneficial to utilize the services of a forensic accountant. A forensic accountant is specifically trained to recognize trends, patterns, and discrepancies that reveal what should be being reported and what is not being reported. Examples of the underhanded tactics a spouse may employ but can be discovered by a forensic accountant include under-reporting income, creating phony debt, overpaying creditors, and transferring assets to fake companies.

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