Five Issues to Address in a Texas High Asset Divorce

 Posted on June 19, 2023 in Divorce

Although every divorce can have complicated issues, high asset divorces are especially complex due to the financial assets and decisions about those assets that are required to end the marriage. This is why it is recommended that anyone going through this type of legal action retains the services of an attorney who has extensive experience in high net worth divorces.

The following are issues that may need to be addressed in your high asset divorce. For more detailed information about your particular circumstances, call Clark Law Group.

Property Division

Property division becomes more complex in high asset divorces. Texas follows community property laws, which generally means that marital property is divided equally between spouses. However, determining what qualifies as marital property, separate property, and the value of assets can be intricate. High-value assets such as real estate, investments, businesses, retirement accounts, and valuable possessions require careful evaluation and expert valuation to ensure an equitable distribution.

Business Valuation

When one or both spouses own businesses, determining the value of those businesses becomes crucial. This process involves assessing assets, liabilities, revenue, and future earning potential. In high asset divorces, business valuation can be complicated, especially if the business is closely held, involves complex financial structures, or includes intangible assets like intellectual property or brand value. Accurate business valuation is essential for fair property division.

Spousal Support

In high asset divorces, spousal support, also known as alimony or maintenance, often becomes a significant issue. The court considers factors such as the length of the marriage, income disparity, earning potential, health, and lifestyle when determining spousal support. High-earning spouses may be obligated to provide substantial financial support to the lower-earning spouse to help maintain a similar standard of living post-divorce.

Asset Protection and Hidden Assets

Concerns about asset protection and potential hidden assets often arise in high net worth divorces. Spouses may attempt to shield assets, undervalue businesses, or transfer assets to third parties to minimize their share in the divorce. Uncovering hidden assets requires meticulous financial investigation and forensic accounting to ensure a fair and accurate assessment of the marital estate.

Contact a Fort Worth Complex Divorce Lawyer for Legal Assitance

Navigating the issues in high net worth divorces requires the expertise of an experienced Dallas, TX high asset divorce attorney. Their knowledge of Texas divorce laws, property valuation, business valuation, and the intricacies of asset division is crucial for protecting your rights, ensuring a fair settlement, and safeguarding your financial future. Call Clark Law Group at 469-906-2266 to schedule a confidential consultation to ensure you are protected.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.7.htm