Guarding Your Property In A High-Asset Divorce
Property division is a complex part of even the simplest of divorces. When couples have a high net worth, dividing that property can take time and may involve multiple professionals, such as accountants and financial planners. If you are facing a high-asset divorce, you need an attorney prepared to handle the issues that may arise.
At McClimon Family Law, our Board-Certified Family Law attorney, Caroline McClimon, has a decade of experience and has handled over 100 contested divorce and custody cases. She understands Texas law and how to account for and divide complex property during a divorce. You will receive personalized attention from our team, including an approach to your case tailored toward the outcome you are hoping for.
What Makes A Divorce High Asset?
The general definition of a high net worth divorce is one that involves over one million dollars in liquid assets. This can include:
- An interest in a business, including capital investments, stocks and shares
- Ownership of a business or professional practice
- Real estate other than the family home, including developments and vacation properties
- Trust fund or other family inheritance
You may note that some of these assets may or may not be considered liquid assets. They often require a thorough review and valuation to determine how and when they could be divided. In addition, Texas is a community property state, which means that if you came into the marriage with certain property, you likely get to keep it during a divorce. If the property was acquired during the marriage, however, the court may divide it in a “just and right” manner under Texas law.
Dealing With Hidden Assets
One problem that can arise in a high-asset divorce is when one party tries to hide assets from the court and the other party during property division. There are many methods people use, but we know where to look to make sure that all property is fairly dealt with. We will use the services of a forensic accountant to examine the financial records, if necessary.
If You Have A Prenup
A prenuptial or postnuptial agreement can help smooth the process. As long as the document is a valid agreement, the court will be able to use it as a guide to separate the property. Challenges can arise, however, if you commingled some of your separate property. Ms. McClimon will go through your document with you to help you understand your prenup’s role in your divorce.
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