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The Complications that Could Arise During Your Own High Asset Divorce

Posted on in High Asset Divorce

TX divorce attorneyWhile ending a marriage is always a complicated process, certain types of divorces are notorious for being especially difficult. Couples with significant, unique, and diverse assets, for instance, often face more difficulties when it comes to accounting for and dividing up marital assets when dissolving a legal union. Fortunately, many of these problems can be avoided if the parties involved retain experienced high asset divorce attorneys who can ensure that their divorce is resolved as quickly and as smoothly as possible.

Identifying Assets

There are a number of complications that can arise during any divorce. Some, however, are particularly common in high asset divorces. Dividing marital property, for instance, tends to be much more difficult for couples with significant assets. This is largely due to the fact that a couple’s finances become more complicated as wealth is amassed. As a result, accounting for the many forms of property, which could range from real estate and business interests to stocks and other investments, can become a complex process. For these reasons, couples with significant assets are often encouraged to retain a forensic accountant who can help them track down all of their financial holdings, which in turn, can help ensure that any property settlements reached by the parties will be as fair as possible.

Appraising Assets

It is also much more difficult to appraise all of a couple’s property in a high asset divorce, as the assets tend to be more complex. For this reason, couples who decide to dissolve their marriages and who own diverse or unique property will need to obtain individual appraisals from experts for assets, such as:

  • Antiques;
  • Collectibles;
  • Artwork;
  • Real estate;
  • Stocks and bonds;
  • Livestock;
  • Vehicles; and
  • Other personal property.

Failing to ensure that these types of assets are properly appraised can result in one spouse receiving an unfair portion of the couple’s marital property.

Underhanded Tactics

Because high asset divorces involve significant assets, it is not uncommon for one spouse to attempt to hide assets from the other during the divorce process. Alternatively, a spouse could attempt to devalue assets, lie about an asset’s value, or even sell the property outright. This is especially likely in cases where one spouse is more involved in the family’s finances. Retaining an experienced financial team and high asset divorce lawyer can ensure that your own assets are divided fairly.

Privacy

High asset divorces tend to be much more high profile than other divorces, which often leaves the couples in question open to more public scrutiny. While most court proceedings are a matter of public record, it is possible to seal one’s records, so if you have decided to file for divorce, you need the advice of a dedicated Texas divorce lawyer who will endeavor to protect your privacy by sealing your records.

Call Our Round Rock High Asset Divorce Lawyer

Whether you and your spouse are only considering divorce or have already decided to dissolve your marriage, it is never too soon to start collecting financial documentation regarding your assets and debts. For help with your own high asset divorce, please call one of the dedicated Round Rock high asset divorce lawyers at Powers and Kerr, PLLC. We’re here to help, so please call us at 512-610-6199 today.

 

Source:

http://www.stcl.edu/lib/TexasRulesProject/TRCPPartIIsec4A/rule76a1990.htm

https://www.forbes.com/sites/jefflanders/2011/04/12/understanding-how-assets-get-divided-in-divorce/

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