Posted on August 23,2019 in Family Businesses

In the absence of a pre or postmarital agreement, a couple who has decided to divorce and who owns businesses will need to decide how those assets will be divided, which will also require an accurate business appraisal. These appraisals are conducted by experts, but it’s still important to carefully review them for accuracy. However, the technical language of these documents can make their review a difficult process, so if you are considering divorce and own one or more businesses, it is important to retain an experienced Austin, TX high asset divorce lawyer who can go over the appraisals with you and ensure that the terms of any property settlement agreements are fair.

Professional Standards

Before requesting a business valuation, it is important for divorcing couples to ensure that the appraiser is qualified to perform the analysis and has the proper credentials. There are three main professional associations that issue valuation standards for appraisers: the American Society of Appraisers, the American Society of Certified Public Accountants, and the National Society of Certified Valuation Analysts. Ensuring that your own appraiser has been credentialed by one of these groups is one of the first steps that a divorcing couple should take when seeking an appraisal.

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 Posted on August 17,2019 in Complex Property Litigation

Marriage is not just an emotional partnership, but has a financial component as well. This can add an extra layer of complexity during the divorce process, as it requires the parties to identify, appraise, and divide their assets fairly before a judge will officially dissolve a marriage. For help reaching a property settlement agreement during your own divorce, please contact our high asset divorce legal team today.

Identifying and Characterizing Marital Assets

Generally, the property accumulated by a couple during their marriage belongs to both spouses and so must be divided equitably upon divorce. It is impossible, however, for a couple to come up with a fair property settlement if the parties do not have a thorough understanding of what types of property each is bringing to the table.

While identifying and characterizing marital assets may seem like a straightforward process, it can actually be quite difficult, especially because some assets, even when acquired during the marriage, are actually considered to be separate property. For instance, inheritances and gifts given to one spouse during a marriage will usually stay in that person’s sole possession even after divorce. Failing to account for these assets as separate property could result in a couple unfairly sharing the asset, while improperly characterizing an asset as separate in nature, could leave one spouse without his or her fair share of marital property.

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 Posted on August 09,2019 in High Asset Divorce

Although some couples quickly follow up the decision to end their marriage with a divorce filing, it is also not uncommon for couples to carefully consider this option over a period of weeks or months before officially filing for divorce. Those who take the latter route have the benefit of extra time in which to plan for the termination of their marriage, which can make all the difference in how smoothly the later divorce actually proceeds. This is especially true for couples who have unique or particularly valuable assets, as accounting for, appraising, and ultimately dividing these assets can take a significant amount of time. To learn more about how an experienced high asset divorce attorney can help you plan for your own pending divorce, please contact our legal team today.

Planning for Alimony

As a result of changes made to the tax code last year, divorced spouses who pay alimony are no longer permitted to deduct those payments come tax season, while spouses who receive these payments can no longer count those payments as income. Knowing how, and planning for, these changes will affect a couple’s own financial situation after divorce is important to the success of the negotiation process. For instance, divorcing couples who properly plan before litigating a divorce could redistribute their assets in such a way that they are able to regain some of what they will lose as a result of the new alimony legislation. The spouse, for example, who is the higher earner could retain the couple’s taxable assets, such as cash, stocks, and bonds, while the lesser earning spouse could retain the tax-deferred accounts like 401(ks) and IRAs.

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 Posted on July 31,2019 in Complex Property Litigation

Many people know that dividing up marital assets is one of the most difficult aspects of divorce, as appraising and determining who will retain which assets is a complicated process. However, few couples realize that one of the most complex aspects of the property division process is actually having to account for the tax implications of retaining or transferring certain types of property. To learn more about the tax-related issues that you should take into consideration during your own divorce, please contact an experienced high asset divorce attorney who can advise you.

Tax-Free Transfers

Couples who have filed for divorce and are in the middle of the property division process should remember that only property transfers that are made within one year after the dissolution of a marriage are considered income tax-free. No deductible loss or taxable gain can be declared during this time period, although once a year has passed, any transfers made by either party can be evaluated by the IRS.

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 Posted on July 24,2019 in High Asset Divorce

One of the factors that sets high asset divorces apart from many other divorces is the practice of hiding assets. Fortunately, there are steps that divorcing parties can take to discover and report attempts by their spouses to hide assets. However, taking these steps usually requires the assistance of professionals, including a forensic accountant and a high asset divorce attorney, both of whom can help track down assets and thereby ensure that any settlement agreements entered into by the parties account for all of the couple’s property.

Utilizing the Discovery Process

Couples who litigate their divorces are required to provide each other with copies of important documentation and to submit to questioning. By requesting the production of documents and issuing interrogatories, a high asset divorce lawyer can help get to the bottom of a couple’s financial situation, as parties who refuse to produce documentation as ordered, or who lie while under oath, face strict penalties.

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 Posted on July 17,2019 in Complex Property Litigation

While investing can be an extremely profitable means of earning passive income, it can also create difficulties for couples who decide to dissolve their marriage. This is because investments entered into after a marriage takes place, whether they take the form of ownership in a business interest, or the ownership of stocks, bonds, or a retirement fund, must be accounted for and divided upon the dissolution of a marriage. This can cause a number of complications, especially for those who are not represented by an experienced high asset divorce lawyer who can take steps to ensure that the property division process goes as smoothly and quickly as possible.

Assessing Your Options

Whether a couple invests in the stock market, cryptocurrency, or real estate, they will need to address who will retain ownership of those assets before a divorce can be finalized. This can make an already difficult process much more complicated. Fortunately, there are certain options and strategies that can help couples protect themselves during the divorce process, not only emotionally, but also financially.

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 Posted on July 10,2019 in Family Businesses

One of the things that sets many high asset divorces apart from other divorces is the ownership of business interests by one or both spouses. Owning these types of assets can make the property division portion of high asset divorces much more complex, so if you and your spouse have decided to get divorced and either one of you owns a business, it is important to contact an experienced high asset divorce attorney who can help protect your interests.

Do Not Delay

Dissolving a marriage can be a lengthy, costly, and emotional process, so it is not uncommon for many couples who decide to end their marriages to delay actually filing for divorce. While this can temporarily delay the potential difficulties that often come with divorce, it will not eliminate them and can actually end up complicating the divorce process itself. For instance, Texas is a community property state, which means that all of the assets acquired by a couple during the course of a marriage are subject to equitable division. This includes not only assets like real estate and personal possessions, but also any increase in their company’s revenue, profit, and income, so the longer a couple waits to dissolve their marriage, the more they may end up needing to divide during the property division process.

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 Posted on June 29,2019 in High Asset Divorce

All divorces are complex and potentially emotional. Dissolving the marriage of a couple with unique or significant assets, however, tends to be especially difficult, as it often comes with a host of unique legal challenges, so if you are thinking about filing for divorce in Texas, it is important to speak with an experienced high asset divorce lawyer who can advise you.

What Is a High Asset Divorce?

Narrowing down what qualifies as a high asset divorce can be difficult, but the following are all good indicators that a divorce will involve considerable assets and come with unique challenges:

• Both parties earn a significant income.
• The parties own multiple real estate properties, which could include vacation homes, undeveloped real estate, and rental properties, in addition to the family home.
• The parties own a number of vehicles, including motorcycles, boats, and vintage cars.

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 Posted on June 21,2019 in Divorce

It can be difficult, in today’s world, to imagine living our day to day lives without having at least one credit card. While credit cards can be a good way to improve credit and allow for more flexible spending, they can also pose specific difficulties during divorce. This is especially true for couples who are involved in high asset divorces, which often involve various joint credit cards and accounts, so if you and your spouse have decided to file for divorce and both of your names are on multiple bank accounts or credit cards, it is important to speak with an experienced high asset divorce lawyer who can ensure that you are not saddled with more than your fair share of debt.

The Downside of Owning Joint Credit Cards

Although there are a number of benefits to owning a joint credit card with a spouse, there are also a few downsides, which usually reveal themselves during divorce. For instance, it is not unheard of for one spouse to end up on the hook for charges that he or she did not authorize. While this may be troublesome during a marriage, it can wreak havoc on a person’s post-divorce finances, as the last thing newly divorced couples need is to be saddled with more debt.

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 Posted on June 14,2019 in High Asset Divorce

Divorce can place financial strain on even the most conscientious and budget-minded person, but is especially common when the couple in question has unique, diverse, or especially valuable assets that are difficult to divide. There are, however, things that couples can do to help them financially prepare for a divorce, while also maintaining their current standard of living. To learn more about the financial consequences of divorce, whether you or your spouse could be eligible for alimony, or how your assets will be divided upon the dissolution of your marriage, please contact one of our dedicated high asset divorce attorneys for advice.

Reviewing Your Financial Needs

When a couple decides to divorce and a court holds a hearing on the issue of temporary spousal support, the judge will require the parties to disclose not only their assets and debts, but also their expenses. When assessing the latter to determine whether to award post-divorce maintenance, courts will assess which of each party’s expenses are reasonable and necessary. This includes the cost of everything from food, clothing, and vehicle expenses to utilities, legal fees, rent, and even entertainment. Having evidence of these expenses from the outset of the case can help the entire property division process go much more smoothly, while also clarifying each party’s specific financial needs going forward.

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