Divorces are rarely, if ever, easy. Even in the most amicable of cases, the process of dividing two people whose lives have become intertwined can be difficult. This can be especially true for couples in possession of high-value assets, properties, or businesses, or couples where one spouse earns a particularly high income.
Texas high-asset divorces can look quite different from more traditional divorces. Simply identifying the assets involved can be complex, so it should be no surprise that dividing those assets can be even more challenging.
If you’re pursuing a high-asset divorce in Harris County family court or another Texas court, you must consult with an experienced high-asset divorce lawyer to ensure that your rights and property are protected.
1. Complex Assets and Property
One essential difference between high-asset and non-high-asset divorces in Texas is the complexity of the assets and property involved.
While low-asset divorces may not deal with significant property separation, those involved in large business enterprises or high-income professions may face major challenges when it comes to understanding and legally dividing those assets.
The key to high-asset divorce is often the appraisal process. Texas high-asset divorces may need an appraiser to determine the full worth of many high assets like art collections, real estate across the country or globe, stock options, tax benefits, business interests, and much more.
The appraisal process for each asset could involve multiple appraisers and a complex documentation process. With this in mind, seeking an experienced high-asset divorce attorney who can advise you on the process of asset and property appraisal for divorce is indispensable.
2. Hidden Assets
For newlyweds and the happily married, divorce is often the furthest thing from their minds. It can be even harder to acknowledge that one’s spouse may try to actively hide assets or property.
Unfortunately, hidden assets are a relatively common occurrence in high-asset divorces that occur in Texas. In order to locate hidden or concealed assets during the divorce process, you will need the assistance of a high-asset divorce attorney as well as a forensic accountant with experience uncovering hidden assets in divorce proceedings.
Hiding assets that should be considered communal during a divorce can be considered fraud, but many spouses will take the risk anyway in order to pursue a more favorable outcome for themselves. If you feel your spouse may be hiding assets from you in anticipation of a divorce, you can watch for the following warning signs:
- Unusual business activity
- Frequent trips to tax-haven countries
- Multiple cell phones
- Multiple financial advisors with incomplete information
- Recent expensive purchases including artwork or vehicles which can be easily sold following a divorce
Remember, suspicion alone isn’t sufficient to prove that your spouse is hiding assets. If you believe your spouse may be concealing assets, consult with an experienced high-asset divorce attorney about your options.
3. High-Asset Child Support Rates
In most low-asset divorces, the process of determining child support rates is relatively straightforward and routine. In Texas, there are specific guidelines in place that can be used to determine these obligations for couples with minor-aged children at the time of their divorce.
However, in cases dealing with high assets, this process can become quite complex. Specifically, if you earn in excess of $8,500 per month, a court may decide not to follow the traditional guidelines for determining child support.
In this case, an experienced high-asset divorce attorney can advise you on the guidelines for determining child support. They may also be able to negotiate a more favorable rate on your behalf.
Don’t Leave Anything on the Table. Contact an Experienced Texas High-Asset Divorce Lawyer Now!
We know that getting a divorce can be a deeply emotional and stressful process. While no divorce is easy, this can be especially true in divorces involving a long-process of identifying and dividing complex and high-value assets.
Seeking the advice of an experienced attorney is more essential in these cases, not only because of the amount of money involved but also because of the delicacy of the entire process.
If your marriage has come to an end, it’s time to close this chapter of your life the right way. Contact the Texas high-asset divorce lawyers of the Law Offices of Douglas Ray York, P.C. today.