When it comes to divorce, spouses must make decisions in difficult situations, one of which includes the division of assets. While dividing assets may not be as complex for couples that do not possess ample amounts of assets, it can be extremely stressful for couples that own many.
Divorces that involve spouses with many assets are referred to as high asset divorces. In these types of cases, it is crucial that spouses retain experienced legal representation to ensure their rights, future, and assets are protected. Failure to do so can leave one spouse suffering a lifetime of financial difficulty.
Below are 5 issues unique to high asset divorce cases:
- Business Valuation: During this process, various procedures are used to determine the value of an owner’s interest in a business. In some divorce cases, a business appraiser must be involved to help the court determine the value that should be given to each spouse.
- Multiple Real Estate Properties: Any real estate properties acquired during marriage are considered marital property regardless of which person owns the properties or how the properties have been titled. High asset divorces usually require closer examination of real estate properties to determine the value of each and how they should be fairly distributed between spouses.
- Stocks: Some of the most difficult assets to divide during divorce are stock options. It is important for divorcing spouses to explore whether any portion of those stock options are marital property and, therefore, subject for division.
- Pensions: In most cases, pensions earned during the course of a marriage are considered marital property. As a result, the pension may be subject for division. However, this factor can become highly complex because the court decides how the pension should be divided.
- Use of Financial Experts (Forensic Accountants): These professionals can analyze trends from profit and loss statements, tax returns, and other financial documents to ensure no red flags are present. Example: A red flag may be raised if gross profits decline while gross revenues decrease.
Contemplating Divorce? Contact Boudreaux Hunter & Associates, LLC
If you have been contemplating divorce and would like legal guidance as you move through the process, we urge you to get in contact with our Houston divorce lawyers right away. We have handled numerous high asset divorce cases similar to yours and stand ready to put our skills on your side. Because we are led by Attorneys Shannon Boudreaux and Kevin Hunter, both of whom are certified mediators, we can do our best to save you costs by providing legal strategies to streamline your case.