High-Asset Divorce Lawyer In Dallas, Texas
The property division aspect of a divorce can seem easy to understand – Since Texas is a community property state, your marital assets and debts will be divided in a manner the court deems “just and right,” which may or may not be an equal 50/50 split. However, some assets like businesses, jewelry, artwork, or retirement accounts can be challenging to divide because their value is exceptionally high or because they are structured in a complex way.
For example, if you own a business partnership and your spouse is not included, the court will not split your business in half and hand your portion to your spouse. Instead, your spouse can be compensated with other marital assets.
Federal and state rules impacting an asset make a difference in how difficult it will be to divide. If you have $100,000 in a bank account, it is easier to divide than if the same amount of money is sitting in an Individual Retirement Account (IRA). An IRA is a tax-deferred asset that may carry significant tax consequences and penalties if liquidated or divided improperly, unlike a standard liquid bank account.
Our attorney at the firm of Lisa E. McKnight, P.C., in Dallas regularly works with high-income divorcing couples. She and our legal staff can review your assets and counsel you on the tax and other consequences of dividing each one. No matter what you have in your marital asset mix, we can provide guidance on your options. Our goal is to ensure you receive a fair valuation and distribution of assets from your joint marital estate.
What Assets Are Included In A High-Asset Divorce?
The most important part of the asset division process of divorce is obtaining accurate valuations for all property considered marital assets. Both parties in a divorce are expected to make a full and accurate disclosure of assets. Some of these assets include:
- Primary residence
- Second homes and vacation residences
- Residential or commercial investment property
- Family businesses and business partnerships
- Cars, trucks, RVs and other motor vehicles
- Paintings, sculptures and other types of fine art
- Retirement savings, including 401(k) accounts, IRAs and pension plans
- Stock holdings and deferred compensation plans
- Crypto currency
When necessary, our attorney will employ experts to provide valuations of complex or specialized assets.
What If My Ex Is Hiding Assets?
If you suspect your spouse may be hiding assets or not reporting all income, we can have forensic accountants track the hidden assets to provide a clear picture of your marital estate.
How Are Debts Divided In A High-Asset Divorce?
While debts are part of the marital estate, the court divides them based on what is “just and right,” considering who incurred the debt and for what purpose. If your spouse acquired debt during your marriage that did not benefit the marriage or was incurred without your knowledge (for example, to fund an extramarital affair), our attorney can argue that the debt should be theirs alone.
Learn More About High-Asset Divorce Distribution In An Initial Consultation
To speak with someone on our team about your high-asset divorce, call 214-528-4191. Or, if you prefer, you may send an email using our online contact form.