You and your spouse have been successful in your careers and have a lot to show for it: a nearby lake house, a condo in Vale, Colorado, a nest egg for early retirement, a very comfortable income, etc. It’s been a good life. That said, your marriage has suffered, and you’ve decided that it’s time to go your separate ways. If this scenario sounds familiar, it’s important to be prepared. High-asset divorce in Texas can be very complex.
If you and your spouse have amassed a sizable estate, taking proper steps to protect these assets and distributing them in the fairest way possible is essential.
How to Prepare for a High-Asset Divorce in Texas
Identify and Value Community Property
In Texas, most things you and your spouse acquired during your marriage (real estate, businesses, investments, retirement accounts, bank accounts, cars, etc.) are assumed to be community property unless proven otherwise. Identifying and valuing these marital properties early in the divorce process is essential.
Use Experts To Value Major Assets
You should accurately value significant assets like real estate, businesses, investments, retirement accounts, and collectibles. Hire qualified professionals to provide these values rather than shouldering the responsibility on your own. This way, you get an accurate representation of what everything is valued at and documentation to prove it. It’s important to be honest and transparent about all assets and debts. Hiding or devaluing assets can cause significant problems if the courts discover the deceit.
Analyze All Income Sources
Besides dividing assets in a high-asset divorce, spousal and child support must also be decided. This requires a careful look at all income sources and future earnings expectations. Provide as much documentation as possible to show current and expected cash flow realistically. This will affect both spousal and child support decisions.
Avoid Risky Financial Moves During Divorce
Actions like liquidating assets, making big purchases, accumulating debt, hiding money, or excessive spending can hurt negotiations. Keep detailed records of every transaction and seek a qualified lawyer’s advice to avoid any mistakes that could harm your settlement. Even innocent errors can have serious consequences.
Create a Financial Plan with Experienced Counsel
Work with an experienced high-asset divorce attorney to create a financial plan based on valuations and cash flow projections, aiming for the best settlement in asset division and ongoing support. Be ready for tough negotiations and compromise, as “winner-take-all” outcomes are rare in Texas divorces. Skilled lawyers like the experienced team at Christman | Daniell Attorneys can find helpful ways to protect key assets and income sources in the final settlement.
Please Call Christman | Daniell Attorneys for Your Legal Needs Today!
Are you looking for family law services in Texas? Christman | Daniell is your premier choice. With years of experience and a deep understanding of the legal landscape, our skilled team is dedicated to helping families navigate complex legal matters. Whether it’s divorce, child custody, or adoption, trust Christman | Daniell to provide compassionate and effective representation for all your family law needs.
Please consult an attorney for advice about your individual situation. The material on this website and in this or any blog article we publish are for informational purposes only and do not constitute legal advice. The attorneys at Christman | Daniell Attorneys believe in tailoring legal advice and solutions to your own personal circumstances.
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