If you are facing a divorce, you have a lot to worry about. Not only are you facing an emotional time, but you may be worried about protecting your financial future for you and your children. The process of property division can become very complicated, especially if you are going through a high-asset divorce. The good news is that there are several ways that experts can help ensure you receive your fair share of the assets.
Income and asset analysis
People facing a high-asset divorce often wonder if they have a good grasp of the family’s full financial picture. They may also worry that their ex-spouse is hiding assets from them. If you or your spouse has income coming from multiple sources, owns many assets or has a complicated tax situation, experts can help you make sense of it all. Divorce lawyers often call on forensic accountants and CPAs to identify cash flow, taxes, multiple bank accounts and family expenses. An analysis of your expenses and spending will help both of you determine what sort of lifestyle you should expect after the divorce. It can also shed light on whether alimony could apply.
Determining marital and non-marital property
Texas is a community property state, meaning that any income and assets received during the marriage belongs to both spouses and is considered marital property. This includes all property and retirement assets. If you owned something before the marriage, such as a gift or piece of property, you may be able to keep those as non-marital property. Figuring out which property belongs to which category can be difficult in a marriage with many assets. A financial expert can help you trace your money and your assets to help with this complicated step. They can also help determine how to divide them.
Putting a value on your assets
In order to divide your assets, you must know how much they are worth. High-asset divorces may involve businesses, real estate, intellectual property, valuable personal items or collections, multiple investment accounts and other assets. Depending on the situation, you may need to involve appraisers or financial professionals. If one of you owns a business, you will need to have the business valued by a business valuation expert with experience in that field.
Every high-asset divorce case is different. A divorce attorney with broad experience handling complex divorces will be able to recommend experts with the experience you need for your case.