In any Texas divorce proceedings, it can be a complicated matter to resolve issues with property division. This is compounded with couples who have a high net worth. Each person and their lawyers will have unique details to consider to distribute their assets properly.
Determine the ownership of assets
It’s tough to determine the identity of assets in high net worth cases, especially since some assets could have been owned before the couple got married. Appreciation on those assets might be deemed as marital property. This is particularly true if they own property in a community property state since this may be considered subject to equitable relief, while some of their property is community property.
If there’s any large gap between the income of the spouses, such as when one of them left their career to raise children or help out with their spouse’s business, they may be able to receive spousal support.
The parties may need professionals to conduct forensic accounting to seek out hidden assets. This helps when it comes to figuring out each party’s financial history and holdings. An accountant can advise on what property is separate property and what is community property.
Since the determination of assets in high net worth divorce cases is complex, they can take a lot longer than your average divorce cases. There’s an evaluation of the assets, then determining what is marital and what is separate property. The court battles can be frustrating and there surely will be temporary orders put in place for payment of legal expenses, child custody determinations, and spousal support, among other things.
High net worth divorces require careful planning. You can’t leave it up to chance and avoid these considerations as doing so could negatively impact your financial health.