Top Reasons You Need Financial Experts in Your High Asset Divorce

 Posted on January 17, 2020 in High Asset Divorce

The first step you should take when you know divorce is imminent is to hire an experienced Austin high asset divorce lawyer. Once you have a dedicated high net worth divorce attorney on your side, it will be important to talk with your lawyer about working with financial experts on various aspects of your case. From forensic accountants to art appraisers, there are a variety of financial experts who may be able to provide necessary knowledge in your divorce case. The following are the top reasons you should consider working with financial experts in your Texas high asset divorce case.

1. Locate Hidden Assets

Locating hidden assets is one of the most important reasons to work with a financial expert in your high net worth divorce. While Texas law requires parties to provide full and complete lists of all property to be classified as community or separate property, one of the parties may attempt to hide assets by unlawfully transferring them through a gift (or otherwise) to another party or moving money between community property and separate property accounts.

Unlike some other accountants, forensic accountants have experience providing evidence for the courtroom and conducting investigations. Forensic accountants are specially trained to identify fraud and hidden assets, and to provide expert testimony about those matters.

2. Appraise Assets with Complicated Valuations

Financial experts are essential for valuing or appraising complex assets. Depending upon the particular type of asset, you may need to work with multiple different appraisers or valuation experts. For example, if you have a valuable art collection, you will need to work with an appraiser who has experience valuing art collections of the type you own. You may need a different financial expert to properly value certain business investments.

3. Identify Property That Has Been Overlooked

Overlooked assets are not necessarily the same as hidden assets. To be sure, when a couple has numerous financial holdings and a wide variety of investments, it may be possible to overlook a particular investment or asset. When couples own multiple types of property, it can be more difficult to properly outline every asset they own. This is especially true when a high net worth couple has some assets outside the U.S., such as international real estate or investments in other countries. In some cases, the couple simply might have forgotten that they agreed to invest in a startup in Dallas.

Contact an Austin High Net Worth Divorce Lawyer

Going through a high asset divorce in Austin, TX is often much more complicated than a divorce involving a middle-class couple. High asset divorces frequently involve complex valuations. In addition, high net worth divorces frequently involve overlooked or hidden assets that can require the help of a forensic accountant to locate. If you are anticipating a high net worth divorce in Texas, it is essential to hire an experienced Austin high asset divorce attorney for your case. You will need an experienced advocate who can help to ensure that you get the property you deserve. At Powers and Kerr, PLLC, we have years of experience serving wealthy families in the Austin area and representing spouses in high net worth divorce cases. Contact Powers and Kerr, PLLC online or give us a call us at 512-610-6199 to learn more about how we can assist with your divorce.

Sources:

https://www.fcpas.org/about-us/what-is-a-forensic-accountant/

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.6.htm