Texas law considers that unless you prove otherwise, all property acquired during your marriage is communal property. Clearly differentiating individual and marital assets plays a central role in the distribution of communal property during a divorce in Texas. When you share high net worth assets, usually worth over a million dollars, it is especially important to receive adequate classification and appraisal of each of them.
Although hiring a competent divorce lawyer is important no matter what your circumstances are, you should always work with one for a high net worth dissolution of marriage. Make sure they have the credentials and experience that can help you secure a fair outcome for your divorce.
#1 Identifying and Valuing High Net Assets
High net worth marital property can include:
- Art collectibles, jewelry, and antiques
- Bonds, stocks, and trusts
- Cars, boats, planes, and other vehicles
- Domestic and foreign real estate
- Foreign employee benefit plans
- Investment portfolios
- Life insurance policies
- Offshore assets
- Oil and mineral rights and royalties
- Patents and other intellectual property
- Pensions and retirement accounts
- Privately and publicly held companies
The law requires you to disclose all financial assets and property during a divorce. Your lawyer can ask you to provide all the necessary details and supportive documents concerning your marital and separate property. This helps them categorize assets and conduct the appropriate valuation.
Your attorney can also help you identify what does not qualify as marital property such as third-party gifts or inheritance whose origin you can establish. In Texas, the burden of proof is on the person claiming that a specific asset is a separate property.
If you have a prenuptial or postnuptial agreement, your lawyer can also verify its validity and enforceability.
#2 Collaborating with Specific Professionals
Given the extent and complexity of identification and valuation of a high net worth divorce, you can expect your lawyer to work with additional professionals to protect your interests and future.
Common professionals involved in a high net worth divorce are:
- Business evaluators
- Tax experts
- Financial consultants
- Forensic accountants
In addition to establishing value, external professionals can help divide assets such as shared retirement accounts or businesses, so the distribution is fair to both parties.
#3 Uncovering Your Spouse’s Hidden Assets
If you are concerned that your spouse may be concealing assets, which could negatively affect the division of marital property, alimony, and child support, your attorney can assist you with the discovery process. They can file a petition with the court to force your spouse to share all the necessary details about the totality of their property and finances.
Thanks to your attorney’s thorough and current understanding of marital law and their experience collaborating with other professionals such as forensic accountants, they can help trace the source of income and other purchases that you either were not aware of or whose origin you could not determine.
Choose Cynthia Tracy, Attorney at Law, P.C. for Your High Net Worth Divorce in Houston
Attorney Tracy has decades of divorce and family law experience, including detailed knowledge of high net worth divorces. Our priority is to protect your rights and future and we are dedicated to ensuring that the identification, valuation, and distribution process helps you secure a positive outcome. High net worth divorce can require more time than simpler cases, and we can accompany you throughout the process.
If we need to bring in additional professionals to review your assets and get a clear picture of your situation, our firm knows who to reach out to. This can include tax experts to understand what the impact of your marital property’s division would be.
Contact Cynthia Tracy, Attorney at Law, P.C. today at (281) 612-5443 to schedule an appointment in Houston to receive personalized advice and representation for your high net divorce.