It’s often said that the more you have, the more you have to lose. When it comes to high-asset divorces, this is, unfortunately, true, and it is why high-asset divorcing spouses must be especially proactive when navigating the entire process.
The biggest challenge in most high-asset divorces is the process of dividing the property. In Texas, community property law is recognized, which means that assets are typically subject to a 50-50 split between spouses. However, this does not mean that the process is set to be a simple one. The following are things that you should pay attention to.
Look out for signs that assets are being hidden
It’s unfortunately common for divorcing spouses to attempt to hide marital assets so that they will not be subject to division. Therefore, you should ensure that you keep track of bank statements and protect yourself from this wrongful practice.
Ensure that assets are correctly categorized
All assets fall under two categories at divorce: marital assets and nonmarital assets. Nonmarital assets count as property acquired before the marriage occurred, inheritances and personal gifts. Generally, all other assets count as marital assets. You must make sure that all assets are correctly categorized so that you get the outcome you deserve.
Ensure that assets are correctly valued
All assets must be correctly valued so that each spouse can get a fair distribution. Overvaluing or undervaluing certain assets can cause an inequitable distribution.
Going through a divorce can seem overwhelming, especially when you have to worry about your financial future. But by being proactive, there is a good chance that you will be able to secure a settlement that you deserve.