Deciding to end a marriage can create a high level of stress and challenges for many Texas spouses. If you are involved in a high-asset divorce where the total amount of marital property is greater than $1 million, this can especially be true. Business ownership and valuations, retirement plans, stock options, real estate and many other complex financial matters can potentially create complications and issues during the division of marital property.
The state of Texas is a community property state, where a court is supposed to divide all the qualifying assets in a “fair and just division.” Because of this, it can be critical to your future best interests to ensure that there are no eligible assets missing from the divorce proceedings and that all marital property receives an accurate valuation. Fortunately, there are some steps you can take to minimize the odds of complications arising.
Preventing potential issues during the division of property:
One of the first crucial steps is to carefully identify and value all assets owned by both you and your soon-to-be ex, including any items for which you share ownership together. After you’ve completed this step, you will need to classify which of these are separate properties versus which are marital properties. On far too many occasions, it is at this point in the process where one of the parties involved purposely fails to disclose certain assets. These “hidden assets” often include the following and more:
- Digital currency
- Real estate properties
- Offshore bank accounts
- Jewelry
- Vehicles purchased without a paper trail
- Artwork
- Casino accounts and/or lock boxes
Last but not least, it can be critical during this time to check for the possibility of any third-party claims to particular assets from creditors, siblings, children, “silent partners” and other beneficiaries.
Other important factors to consider during a high-asset divorce:
Beyond the due diligence involved with the marital assets, there are many other important aspects of your divorce that could drastically affect your financial future. One of these could be the amount of debt you and your soon-to-be ex accumulated during your marriage, which is typically subject to division. Also, you need to consider any future child support and spousal support payments, along with the tax ramifications of your divorce settlement.
Having to prepare for all the unique intricacies involved in your divorce can create quite a stressful and emotional time. Fortunately, an experienced, board-certified family law expert attorney can provide you with much-needed peace of mind while also significantly increasing your odds of achieving the best outcome possible.