In a high-asset divorce, a lawyer familiar with Texas family law can help ensure all of a couple’s assets are identified. By doing so, the attorney may make sure property is distributed in an equitable manner.
High-net-worth clients often have assets like a business or investments which can be more difficult to divide. Sometimes these assets are not able to be sold and assigning them a fixed value during a divorce proceeding could cheat one party of their share if those assets increase in value in the future.
It is difficult to achieve an equitable division of the property if there are hidden assets. People often hope to simply avoid having their assets discovered by not producing information. And while not many people are stashing money away in secret offshore accounts, there are other ways people try to reduce their apparent net worth temporarily. A husband might make an interest-free loan to his parents or a woman might purchase expensive gifts using money from her ex-husband’s bank account. Beginning the process of tracking assets promptly and accurately can help avoid problems when it comes time to divide them later.
A divorcing couple may want to agree to have an objective third party track the status of assets and prevent them from being liquidated. During the divorce process, it is important to know about all of an ex-couple’s assets. A complete accounting also makes it easier to decide on settlements for things like alimony and child support and may help avoid the need for post-divorce modifications in the future. Before beginning a complex property division in a divorce, make sure the parties involved have declared all their assets. A Texas family law lawyer may take the time to search for hidden assets as well.
Source: Financial Planning , “Finding Hidden Assets: Digging Deep in HNW Divorce“, Andrew Pavia, March 24, 2014