The process of dividing marital property in a divorce is nearly always difficult for both spouses. When high assets and divorce collide, this matter can be even more strained. Each party wants his or her fair share and it often falls to a court to make this decision.
In community property states like Texas, it is assumed that both spouses own all marital property equally. However, this does not always mean splitting property down the middle, especially in a high-asset divorce. Courts must examine many different matters when dividing property. Examples include:
- Whether the property was acquired by a spouse before marriage
- Whether the property was a gift or an inheritance and meant for just one spouse
- Whether the property is a family heirloom
Unless you and your spouse have already reached a property division agreement, it is critical to know the value of all marital assets. This ensures that the judge can make the best decision on how to fairly divide your property. As you might imagine, accurate asset valuation is complex, particularly in a high-asset divorce.
Our attorneys want you to know that it is wise to discuss asset valuation with your legal counsel when divorcing. In many instances, your lawyer can help you make certain you know and can prove the true value of all assets. Often, this means working with forensic accountants or other experts in the valuation of marital property. If your attorney cannot conduct a thorough valuation alone, he or she can recommend a professional to assist in this goal.
We encourage you to increase your practical knowledge of property division in high-asset divorces. Our website contains additional information about these and other divorce issues. Please, continue reading to learn more.
