High-Asset Divorce in Texas: Unique Complications
While most Texas divorces are complicated and questions related to finances top tend to top the list of complications, divorces that involve significant assets take things to the next level. Other than issues related to child custody, finances are the single most emotionally fraught – and often contentious – component of any divorce. When you get into the territory of high assets, finances naturally become more complicated. The world of high finance often involves businesses and multiple real estate holdings, which are typically far less transparent when it comes to assigning value for the dissolution of a marriage. If you are facing a high-asset divorce, you need a skilled divorce attorney with experience handling these complex cases.
The Complications that Come with High Finances
As marital estates become larger, they also naturally tend to become more opaque and more difficult to track. The intricacies of business structures and taxation dictate that the more wealth you amass, the more complicated your finances become. This makes obtaining an accurate reading on your marital assets that much more laborious. If you and your divorcing spouse have considerable assets, it is very likely that you will need the highly specialized services of forensic accounting to calculate a reliably accurate valuation for your holdings.
The Division of Property in a Texas Divorce
Texas is a community property state, which generally means that the judge will assess the circumstances of your divorce and will divide your property – both assets and debts – in a way that he or she deems “just and right.” Just and right can obviously mean very different things to different people, and you and your soon-to-be-ex are very unlikely to see eye-to-eye on this matter. There are two factors that often play a determinative role in situations in which assets are divided lopsidedly:
• The spouse with the most responsibility for raising the children may be awarded a larger percentage of the marital property.
• A spouse with significantly less earning potential may be compensated with a larger percentage of the marital assets.
The fact that the State of Texas is not looking to divide your marital wealth evenly down the middle makes it that much more important to enlist a knowledgeable Houston divorce lawyer to protect your finances throughout the divorce process.
- Property and Debt Division: What you Need to Know
- What Happens to the Family Business
- Selling Your Home During a Divorce in Texas
In marriages with high assets, as with many marriages, it is not uncommon for one spouse to play a far more integral role in the family’s finances. This can make determining the value of your estate even more nuanced. If you are not the party with a more active role in your family’s finances, it can put you at a disadvantage, and for this very reason, it is important to bring in an experienced divorce lawyer as quickly as possible.
The fact is that the person who is more intimately involved in your marital finances has some decided advantages when it comes to presenting your assets in a particular light. In other words, he or she likely has the insight and finesse to paint a less-than-accurate financial picture. Your financial future very likely depends upon your divorce settlement, and it is far too important not to protect your rights and to aggressively advocate for the financial settlement to which you are entitled.
The stress and anxiety associated with divorce are difficult to overstate, and divorcing spouses are often not at their very best when under this kind of pressure. In fact, some divorcing spouses are not above hiding assets, devaluing assets, quietly moving or selling assets – and worse – in an attempt to skew the finances in their own favor in the divorce. If your spouse is more closely involved in your family’s finances than you are, he or she is more likely to have the financial upper-hand, and it is critical that you bring in a dedicated divorce lawyer to not only help determine what your marital assets are but also to help protect your “just and right” share of those assets throughout the divorce process.
If you have reason to believe or suspect that your spouse is engaging in underhanded financial tactics, do not hesitate to share this information with your attorney. The sooner your dedicated legal advisor engages the specialized services of an investigative forensic accountant, the more secure your finances will be.
Matters of Privacy
If you are going through a high-asset divorce, the dissolution of your marriage may be the subject of a good deal of attention. After all, the world of high finance is interesting exactly because the reverberations often affect far more people than just the divorcing couple. In other words, high-asset divorces are often high-profile divorces. As such, your divorce and your financials may well be subject to more public scrutiny than you would like. A dedicated Houston divorce lawyer will endeavor to protect your privacy and to help ensure that your private financial records remain sealed and private.
Your High-Asset Divorce
Every divorce is difficult, fraught with emotion, and utterly unique. When a divorce involves the division of a sizable estate, it makes the entire process that much more delicate. Whether you are simply considering divorce or your divorce is an inevitability, it is never too soon to begin gathering your financial information and documents in the creation of as thorough a financial snapshot as possible. Synthesize the financial information that you have access to and carefully examine it with your legal counsel. A high-asset divorce has an additional layer of complexity that necessitates exacting scrutiny.
If Your Divorce Involves High Assets; Consult with a Dedicated Houston Divorce Attorney Today
The fact is that divorce is hard, and a high-asset divorce is that much harder. If you’re facing a high-asset divorce, it is critical that you obtain an experienced divorce lawyer with whom you feel comfortable working. At the Rudisel Law Firm, P.C. our experienced legal team understands the intricacies of high finance, and we’re dedicated to fighting for your financial rights. We’re here to help, so please fill out an online evaluation using the “Contact Us” link in the menu or call us at 713-781-7775 today.
Reads have found the following articles helpful:
- Frequently Asked Questions about Divorce in Texas
- Divorce in Texas: An Overview
- Meeting Your Divorce Lawyer of the First Time