Divorce is never an easy process. However, when you and your spouse have had a high income during your marriage, or your spouse founded a startup company that is now thriving, your divorce might be more complicated than the average Lone Star state divorce.
If during your marriage, you and your spouse have accumulated multiple properties, stock investments, and more, you will have to work through all those assets as you divide your property. Because Texas is a community property state, those assets will be divided equally. That includes if your spouse owns their own business that started while you were married. If some of the money used to launch the business came from a joint account, you would receive receive half the business’ value. You’ll need a business valuation to determine that amount.
Some other common items in high-asset divorces that will need to be valued include the following:
- Boats, planes or other recreational vehicles
- Art collections or valuable jewelry
- Vacation properties
- Retirement savings and other investments
- Life insurance policies
Sometimes, in high-asset divorces, one spouse is tempted to hide assets so that the other spouse won’t realize that they should receive a share of those. However, an experienced family law attorney or forensic accountant can help you if you think your spouse is hiding assets. It’s an unethical and illegal practice.
Mediation in high-asset divorce
Texas encourages divorce mediation or collaboration, which can make finalizing a divorce go more quickly and be less costly. With mediation or collaboration, you and your attorney work outside of court with your spouse to divide all your marital assets and debts. Working with a mediator or seeking a collaborative divorce also can help you establish a parenting plan and child custody agreement, minimizing the conflict for your family and moving faster toward a new beginning for everyone.