What Is A High Asset Divorce?
High asset divorce is one where there is a significant amount of money, property, businesses, assets and other items at stake in the divorce.
Why Are High Net Divorces Considered More Difficult?
High asset divorces are typically more complex and have a potential for a greater amount of emotion in the litigation. Further, there is more opportunity to make mistakes such as agreeing to anything just to get the divorced over, your client feeling guilt, justified or not, the hiding of assets, the failure to properly account for assets and liabilities, the failure to consider tax consequences, the failure to investigate all of the assets and liabilities, listening to friends, and the failure to hire the correct attorney.
How Can I Find Out What My Spouse Really Makes?
Proper investigation is a key to determining the assets, liabilities, and all sources of income of the parties. In Texas, this may be done through the discovery process including interrogatories, request for production, request for admissions, and request for disclosure. Additionally, depositions can be taken of the parties and business partners and accountants. Additionally, the court, at a temporary orders hearing or an agreed temporary orders, can require a party to provide W-2s and tax returns.
If I Trust My Ex-Spouse. Is A Thorough Investigation Into Our Shared Net Worth Really Necessary?
The thorough investigation into the party’s net worth is essential to making sure that you as a party are treated fairly in the process. Your level of trust of your spouse/ex-spouse should not play a role.
Are There Ways That Assets Get Hidden From The Other Spouse?
Assets may be hidden by a party, especially if one party owns one or more business assets.
When Might A Forensic Accountant’s Help Be Needed In A High Asset Divorce?
A forensic accountant may be necessary in a high asset divorce, especially one in which there is one or more businesses controlled by one spouse. Numbers, including tax returns and W-2s, can be deceiving, and a forensic accountant may be necessary to review the books and records of the businesses as well as the individuals.
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