What Qualifies as a High Asset Divorce?

 Posted on June 29, 2019 in High Asset Divorce

All divorces are complex and potentially emotional. Dissolving the marriage of a couple with unique or significant assets, however, tends to be especially difficult, as it often comes with a host of unique legal challenges, so if you are thinking about filing for divorce in Texas, it is important to speak with an experienced high asset divorce lawyer who can advise you.

What Is a High Asset Divorce?

Narrowing down what qualifies as a high asset divorce can be difficult, but the following are all good indicators that a divorce will involve considerable assets and come with unique challenges:

• Both parties earn a significant income.
• The parties own multiple real estate properties, which could include vacation homes, undeveloped real estate, and rental properties, in addition to the family home.
• The parties own a number of vehicles, including motorcycles, boats, and vintage cars.
• One or both parties own business interests.
• The parties have a diverse investment portfolio.
• The couple has significant savings, retirement benefits, or life insurance policies.
• The parties own collectible items, such as jewelry, artwork, and memorabilia.

Couples who own some or all of these types of properties should have a thorough understanding of Texas’ community property laws, which require divorcing couples to divide their assets in an equitable and fair manner. While this could mean that a couple’s marital assets are divided down the middle, it could also result in one party being granted a greater portion of certain properties. Ultimately, what is considered fair and equitable will depend upon the parties’ unique circumstances.

What Are the Challenges of a High Asset Divorce?

Couples involved in high asset divorces face a number of unique challenges. For instance, when both parties have access to a variety of significant properties, it can be difficult to determine which properties qualify as marital property and so must be divided, and which are considered separate property and will remain in the sole possession of the original owner. Valuing such assets can also be difficult, so it is often necessary to retain multiple valuation experts.

Finally, because high asset divorces usually involve a wide range of properties, hiding assets is often much easier to achieve, whether through wasteful spending, creating secret accounts, or selling property without the other spouse’s knowledge. Fortunately, this type of conduct is unlawful, so spouses who are found to be hiding assets during divorce can be held accountable by the court.

Contact a Knowledgeable High Asset Divorce Attorney

For help navigating your own high asset divorce, please contact the dedicated Cedar Park high asset divorce lawyers at Powers and Kerr, PLLC today. You can reach a member of our legal team at 512-610-6199 or by completing one of our brief online contact forms. We are eager to begin helping you through each step of your case.

Sources:

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

https://www.forbes.com/sites/jefflanders/2012/03/14/divorcing-women-heres-where-husbands-typically-hide-assets/