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Tips for Dividing Your Family’s Investments During Divorce

Posted on in Complex Property Litigation

TX divorce lawyerWhile investing can be an extremely profitable means of earning passive income, it can also create difficulties for couples who decide to dissolve their marriage. This is because investments entered into after a marriage takes place, whether they take the form of ownership in a business interest, or the ownership of stocks, bonds, or a retirement fund, must be accounted for and divided upon the dissolution of a marriage. This can cause a number of complications, especially for those who are not represented by an experienced high asset divorce lawyer who can take steps to ensure that the property division process goes as smoothly and quickly as possible.

Assessing Your Options

Whether a couple invests in the stock market, cryptocurrency, or real estate, they will need to address who will retain ownership of those assets before a divorce can be finalized. This can make an already difficult process much more complicated. Fortunately, there are certain options and strategies that can help couples protect themselves during the divorce process, not only emotionally, but also financially.

For instance, many couples with significant assets who decide to divorce attempt the collaborative divorce process, which can help minimize conflict through the pursuit of open and honest communication in an out-of-court setting. Collaborative divorces also help ensure that couples are able to decide the fate of their own property. Alternatively, couples could also choose to attempt mediation, or could even enter into a post-nuptial agreement regarding property division, which is a popular option for those who believe that their marriages are in trouble, but have not yet committed to divorce.

Reviewing Texas Property Division Law

Couples who have decided to file for a high asset divorce are encouraged to review their state’s property division laws. Texas, for example, is a community property state, which means that in most cases, a couple’s property will be divided relatively equally upon divorce. This only applies, however, to assets that were acquired during the course of the marriage itself.

Having a thorough understanding of what could happen to your investments during the property division process is important when coming up with a game plan for how your divorce will proceed. Those who fail to take this step could end up unexpectedly losing access to significant investments or marital resources.

Disclosing Your Investments

It is impossible for a couple to fairly divide their investments if they fail to disclose those assets in their entirety, so it is important for both parties to provide a thorough list of all of their assets, including investments. A forensic accountant can be enormously helpful in this endeavor, as these individuals are specifically trained to track down and appraise valuable assets.

Schedule an Initial Consultation Today

Please call Powers and Kerr, PLLC at 512-610-6199 to speak with an experienced Cedar Park high asset divorce lawyer about the future of your own investments after divorce. We are standing by to address your questions and concerns at your earliest convenience.

 

Source:

https://guides.sll.texas.gov/community-property

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