Most married couples share financial advisors. However, once a couple decides to get divorced, it is usually a good idea for each party to hire a new financial advisor, accountant, and tax advisor, who can ensure that his or her interests are protected. This is especially important in cases where one spouse had the majority of contact with the family’s financial advisors during the course of the marriage. Hiring a new financial team can give divorcing parties peace of mind that their advisors have no shared or conflicting loyalties and will treat them in a fair and impartial manner. If you and your spouse are thinking about filing for divorce and you are in need of recommendations for a financial team of your own, please contact our dedicated high asset divorce legal team today for assistance.

Financial Teams

Financial teams hired to assist with high asset divorces are usually made up of a number of individuals, including:

• Business valuation experts;
• Certified divorce financial analyst;
• Certified public accountants;
• Certified financial planners;
• Commercial property appraisers;
• Personal property appraisers; and
• Residential property appraisers.

All of these individuals play an important role in valuing property. For instance, certified public accountants can help explain the tax implications of retaining certain assets, while a forensic accountant can help ensure that one spouse isn’t hiding assets or attempting to commit fraud by identifying and valuing marital property.

There is a lot at stake for any couple going through a divorce. This is especially true for those who own significant or diverse assets, so if you want to ensure that your own divorce goes as smoothly as possible, you should strongly consider contacting a Leander high asset divorce attorney who can ensure that your filings and disclosures are all made properly and on time.

Hiding Assets

One of the worst mistakes that a person can make when going through a high asset divorce is to try and hide assets from one’s spouse. Not only could this type of conduct lead to an unfair property settlement, but if a court discovers that one of the parties was dishonest when disclosing their financial holdings and debts, it could hold that individual in contempt or require that he or she turn over a larger portion of assets to the other party.

Failing to Fully Investigate Assets

Failing to disclose assets to a spouse is not always done intentionally. In fact, many divorcing couples accidentally fail to disclose assets, properties, and debts because they did not hire an expert to investigate their finances. Taking this step is extremely important, especially for spouses who were not primary earners or who have less knowledge about the family’s financial holdings, as it ensures that any settlement agreements will be fair and equitable. Maintaining an inventory of all of one’s assets is also a good idea and can give financial advisors a better understanding of where certain assets are held, as well as their approximate value.

Although in many cases it is impossible for divorcing couples to work out their issues in an out of court setting, a large percentage of families are able to come to an agreement regarding custody or property division through mediation. The benefits of mediation are even more important in high asset divorces where the possession of unique assets, such as business interests, valuable personal possessions, and real estate are at issue. To learn more about mediation and whether it is right for you, please contact one of our dedicated high asset divorce lawyers today.

The Mediation Process

The mediation process is overseen by a neutral third party, or mediator, who is tasked with hearing the parties’ issues and concerns and then facilitating negotiation, with the final goal of reaching a settlement that both parties voluntarily agree to. Although the parties will prepare for mediation as though they were going to trial by compiling financial records, lists of assets, and appraisals, the similarities end here, as mediations are non-adversarial. Furthermore, unlike a trial, communications that take place during mediation will remain confidential. In fact, if a mediation fails, mediators are not allowed to testify about anything that was discussed during the meetings at trial.

Many couples who enter into a marriage with significant assets of their own choosing to create a premarital agreement, which ensures that property acquired prior to the marriage will not be divided upon divorce. However, prenuptial agreements are only enforceable in court if they are created in accordance with specific standards, so if you or your future spouse have significant assets, it is critical to speak with an experienced high asset divorce attorney who can ensure that your agreement is valid and will not later be thrown out by the court.

Defenses to Enforcement

There are only a few ways that a person can defeat a premarital agreement, including by proving that:

The records of most civil cases in Texas are available to the public. However, it is possible for parties who are going through a divorce to have certain information kept private. To learn more about your confidentiality rights, please contact an experienced complex divorce attorney who is familiar with the court procedures required to keep your personal information safe.

Restricted Documents

Although most divorce records are available to the public, some divorce-related documents can be marked as restricted if they contain sensitive data, such as:

Divorce can be a complicated, stressful, and truly difficult time for those involved, especially when one or both parties are or were formerly members of the military. Recent changes to the Uniformed Services Former Spouses’ Protection Act (USFSPA) further complicates how assets will be divided in divorces where one of the parties is a member of the military. To learn more about how these changes could affect your or your family, it is crucial to speak with an experienced complex divorce attorney who can explain the potential repercussions.

Disposable Military Retired Pay

According to the USFSPA, state courts are permitted to treat disposable military retired pay as divisible property during a couple’s divorce. Although the law authorizes state courts to make this division, it does not require it and does not provide a formula for division. However, the law does provide a mechanism that enables former spouses to enforce an award by receiving direct payments from a member’s retired pay.

Those who choose to change their last name when they get married, but later decide to obtain a divorce, have the option of reverting to their maiden name as a part of the divorce proceedings. However, there are other methods of achieving this goal, so if you are a Texas resident, are going through a divorce, and want to legally change your name, it is important to speak with an experienced complex divorce attorney who can walk you through the process.

Divorce Decrees

In Texas, a party to a divorce can change his or her name during the divorce process itself by including a request with the petition for a dissolution of marriage. In addition to the request, the party must certify that he or she is not requesting the name change in order to avoid facing criminal charges or other similar reasons. When these steps have been fulfilled, the family court can order the name change as part of the divorce decree, which can be used as proof of a legal name change at a later date. It is important to note, however, that individuals cannot utilize this process for changing their name to something other than their maiden name.

In Texas, a person filing for divorce must serve his or her spouse with a copy of the petition for divorce. The recipient is then required to file a written answer within a certain time period. Failing to do so can have serious consequences, including the issuance of a default judgment against the respondent, so if you have been served with a petition for divorce, it is important to contact an experienced complex divorce attorney who can explain your legal options.

Procedural Requirements

To initiate a divorce, one party must file a petition containing all of the basic information about the couple, including the date of the marriage, the date of separation, and the ages and names of any children. The petition will also contain requests for the court regarding property division, child support, and custody. The respondent must then submit an answer, which simply acknowledges the receipt of the divorce petition and states whether the respondent agrees or disagrees with the petition. The answer should also clearly state the recipient’s position on the other spouse’s statements and proposals.