Going through a divorce is emotionally taxing and when it is a high asset divorce, a lot is at stake. From the division of assets to child custody, alimony and more, there are a number of factors to be considered. Thus, the chances of making a mistake that leaves one or both partners with a bitter taste and feeling of disappointment are much higher in a high net worth divorce.
An Austin High Asset Divorce Lawyer is the first person you need to get in touch with. An experienced attorney can not only help you get all that you are entitled to but can also help smoothen the process and avoid unnecessary delays and mistakes. Here are a few others things you should keep in mind.
An asset can be described as anything of monetary value. This includes properties, cars, jewelry, businesses, financial investments, collectibles, furniture, art etc. Once this has been listed, categorize it as jointly owned property and individually owned property. In most cases, property that was owned by a spouse before they got married or that was individually inherited by them will continue to be theirs even after a divorce. Under no circumstance should you try and hide assets. This is considered fraudulent and will only result in your loss of credibility.
Hire a Valuation Expert
The value of all types of assets changes with time and to in order to fairly divide them, the current valuation of an asset must be kept in mind. A valuation expert can help remove ambiguities and determine the exact assessment of the couple’s assets. When it comes to things to be divided such as stocks and equity, objective financial experts can also help evaluate the effect of transfers of ownership and other such contingencies.
Consider Taxation Consequences
Division of assets is not as simple as diving the total valuation by two. The division of assets in a divorce can also affect our tax basis. Some assets are exempt from capital gains upto a certain amount while others are subject to capital gains taxes when distributed. When it comes to alimony, it is important to understand how much you will actually receive after taxes. Keep in mind that while alimony is considered taxable income, child support is not.
Your Case is Unique
While divorces may be common, no two divorces are alike. Every couple has a different reason of getting divorced, different circumstances and is subject to different laws and different opposing council strategies. Hence comparing your divorce to a friend’s divorce can be frustrating. Understand that your divorce is unique, get proper advice and deal with it according to your needs and circumstances.