What Makes a Texas High Asset Divorce Different?

 Posted on July 16, 2020 in High Asset Divorce

When you are getting ready to file for divorce, or your spouse has recently filed, you should be thinking carefully about the divorce lawyer you will hire to represent you. For high net worth couples in Austin, your choice of a divorce attorney is particularly important given that your case is likely to have complications due to the high value of your assets and earnings. You may be wondering: what makes a high asset divorce different? And you might even be thinking that any divorce lawyer familiar with community property division and child custody issues under the Texas Family Code can handle your case.

However, it is essential to keep in mind that there are various issues that do in fact make high asset divorces different from other divorces, and you should always have a Texas high asset divorce lawyer on your side who has years of experience assisting clients in high net worth divorces in and around Austin. The following are just a few of the ways in which high asset divorces are different from divorces involving spouses with lower incomes and assets.

Valuation of Complex Property

High asset divorces often involve high-value complex property that can be difficult to value without the assistance from an appraiser. For example, high asset divorces in Austin may involve businesses that need to be appraised, valuable art collections that need to be appraised for current market value, or real estate in different parts of the country (or even different parts of the world) that will need to be accurately appraised. Often, distinct and high-value property will need to involve multiple appraisers with experience providing valuations for niche assets.

Locating Hidden Assets

High asset divorces, unfortunately, often involve issues of hidden or concealed assets. In order to locate hidden assets, you will need to work with an experienced lawyer and forensic accountant with experience tracking down and identifying concealed assets that should be classified as community property.

Child Support Obligations

For most couples with minor children from the marriage, the Texas child support guidelines make the process of determining child support obligations a relatively objective process. However, if you earn more than $8,500 per month, the court may be able to diverge from the guidelines. You should speak with a lawyer about how the child support guidelines function in high net worth divorces in Austin.

Contact a High Net Worth Divorce Lawyer in Austin, TX

The above discussion lists just some of the reasons that high net worth divorces are different, and why it is important to have an Austin high asset divorce attorney on your side throughout the process. Certain issues that arise frequently in high net worth divorces in Texas may not come up at all in divorce cases where the parties have limited earnings and resources. You need an advocate with years of experience representing clients in high asset divorce cases like your own.

Whether you need assistance with financial aspects of your case or matters pertaining to child custody, you should know that a skilled Austin complex litigation attorney or complex child custody attorney at Powers and Kerr, PLLC can assist you. Contact Powers and Kerr, PLLC online or call our office at 512-610-6199.

Sources:

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