Divorcing couples face a variety of challenges under any circumstance. However, couples with a high net worth may face additional complications. An experienced divorce attorney could guide you through the unique challenges of a high-asset divorce.
Any mistake during a divorce can be costly. Mistakes made during a high-asset divorce can be particularly damaging. Let a West Lake Hills high-asset divorce lawyer help you navigate the dissolution of a high net worth marriage.
Factors in a High-Asset Divorce
Putting a monetary value on marital assets is important. Before a court can determine an equitable way to divide these assets, a judge must first understand what the assets are worth. When there are various types of assets that all have varying values, this could make the process more complex.
As such, high-asset marriages are unique in that they may require the use of in-depth asset evaluation methods. Many of these divorce cases require the use of specialists like forensic accountants, appraisers, or other professionals to determine the value of the marital assets. This is especially common when a married couple shares a stake in a closely-held business.
Another issue involves determining which assets are considered marital property. Some marriages accumulate enough property that tracking and identifying all of it can take extensive work. This work is complicated when it is not immediately clear if the property is marital or separate. A lawyer in West Lake Hills could inventory property within a marriage and determine their worth in a high-asset divorce.
Types of High-Value Assets in a Divorce
There are many different types of property that could be at issue in a high-net worth divorce. Few couples involved in these cases hold most of their net worth in cash. Instead, they often spread it out in a series of financial devices and other property. Some examples include:
- Commercial real estate
- Valuable antiques
- Investment properties
- Closely-held businesses
Determining the value of these assets could be possible through the guidance of financial experts and the assistance of a high-asset divorce attorney in West Lake Hills.
How State Law Divides Property in a High-Net Worth Divorce
Divorces are governed by community property rules. Community property means that the assets acquired by either spouse during the term of the marriage are considered marital property. This marital property belongs equally to each spouse.
There is a requirement under state law that courts split community property equally between both spouses. The same is true for any debt acquired during the course of the marriage. While the law typically splits both assets and debt equally, a judge could issue an unequal division of property in some circumstances. To do so, the judge must determine that it is “just and right” for property to be divided in an uneven way.
Talk to a West Lake Hills High-Asset Divorce Attorney Today
From engaging with financial experts to negotiating a settlement, an experienced attorney could play a critical role in your divorce case. With the right legal counsel by your side, a fair outcome in your divorce could be possible.
Let the skill and experience of a West Lake Hills high-asset divorce lawyer ensure the court treats you fairly during the property division phase of your marriage dissolution. Reach out today to get started on your case.