High-asset divorce is a term that is sometimes used to describe the dissolution of marriage where the marital estate includes assets with substantial financial value. Other terms that have been used to describe high-asset divorce include: high net-worth divorce or millionaire divorce.
Regardless of what it is called, the distinguishing factor is that the parties (the husband and the wife) individually or collectively, control a lot of wealth, often in the form of real property, stocks, bonds, options, deferred compensation plans, jewelry, boats, planes, companies, cash, etc.
As a technical matter, a high-asset divorce is no different from any other divorce—however, as a practical matter, high-asset divorce is distinctive because the financial stakes are very high. High-asset divorces present more complex property division issues and therefore require the expertise and guidance of an attorney experienced in handling high-asset divorce cases.
Potential Issues In High Asset Divorce
- Hiding Assets: A key issue we see in high-asset divorces revolve around hiding assets or mischaracterizing asset. Hiding asset entails not disclosing or misrepresenting the ownership of an asset. For instance, not disclosing an offshore bank account or a deferred compensation. Mischaracterizing asset entails claiming that an asset is separate property when it should be characterized as community property. The characterization of an asset plays a huge role in how the parties’ community property is ultimately divided because generally speaking, the courts can only divide community property and do not have the power to divide separate property.
- Valuation Experts: High asset divorce often involves working with valuation experts, and accountants to quantify the value of the parties’ assets and liabilities. The type of experts involved will depend largely on the type of assets they parties have. It is fairly common for both sides to hire their own experts who may come up with radically different values for the same assets. It is therefore important to hire competent legal counsel that also understands valuation and high asset divorce. An experienced high-asset divorce lawyer can effectively help the client challenge the other party’s valuation expert while advancing the client’s own expert.
- Prenuptial Agreements: In some high-asset cases, there may be the issue of enforcing the prenuptial agreement or challenging the prenuptial agreement. Prenuptial agreements are presumptively enforceable in Texas, however the agreement has to comply with Texas law to be enforceable. If your high-asset divorce involves a prenuptial agreement, it is important to contact competent attorney immediately.
Find a High Asset Divorce Lawyer
If you are considering a divorce that involves high assets, it is very important that you contact an attorney or law firm qualified to handle such cases, and has an understanding of valuation. The family law attorneys at Anunobi Law PLLC have extensive experience in handling high-asset divorce cases. Anunobi Law also has in-house finance and accounting expertise and stand ready to assist.
Anunobi Law PLLC – 832-538-0833 #highassetdivorcelawyers
