What Is a High Asset Divorce?

 Posted on July 09, 2020 in High Asset Divorce

When you are planning to file for divorce in Austin, TX and you know that you and your spouse have significant earnings, or that you have substantial and valuable assets, you may have heard the phrases “high asset divorce” or “high net worth divorce.” Yet you may be wondering whether these terms do indeed apply to you and, if so, what they mean for your ultimate divorce process. Under Texas law, regardless of whether you have a high asset divorce, your property will be classified either as community property or separate property, and all community property will be divisible. When community property is of high value, often nearing or upwards of $1,000,000, there will be particular considerations you will want to take into account.

For example, in a high asset divorce, you may need to hire a property appraiser with expertise handling niche property, or you may need to seek multiple estimates for real property to ensure that it is appropriately valued and classified. Moreover, you may need to work with a forensic accountant who can uncover hidden property that one of the spouses was attempting to conceal. An experienced Texas high asset divorce lawyer can tell you whether you should anticipate a high net worth and what you should expect. In the meantime, the following are types of community property that may signal a high net worth divorce and the need to seek advice from a high asset divorce lawyer in Austin.

High Earnings

If either you or your spouse has had particular high earnings after the date of marriage, then you should likely be anticipating a high asset divorce that may involve additional complications.

Businesses with Significant Value

Do you own a business, or does your spouse own a business? Business holdings can generate substantial revenue, and they can also be complicated to divide in an Austin divorce case. Many high net worth divorces involve business assets.

High-Value Real Property

If you own high-value real property with your spouse—from your own primary residence to vacation homes to income properties—you may need to plan for a high net worth divorce.

Owning Stocks and Related Investments

Most high asset divorces in Austin involve some stocks or similar investments. If you own stocks or other investments, you should seek help from a divorce lawyer who has experience handling high net worth divorce cases.

Valuable Retirement Plans

While the existence of a retirement plan on its own is not an indication that you should plan for a high asset divorce, valuable retirement plans often are part of the community property that must be divided in an Austin high net worth divorce.

Contact an Austin High Net Worth Divorce Attorney

If you believe you are likely to have a high net worth divorce, you should seek advice from an aggressive Austin high asset divorce attorney as soon as possible. We can evaluate your case and help you to determine the steps you need to take in order to move forward with your divorce. Beyond the financial aspects of your divorce, an experienced complex litigation attorney or complex child custody attorney can speak with you about other aspects of your divorce. Contact Powers and Kerr, PLLC online to learn more about how we can help, or call us at 512-610-6199.

Source:

https://statutes.capitol.texas.gov/?link=FA