Nearly half of all marriages end in divorce. While this statistic may seem shocking, divorce is a common reality for many people. This includes affluent individuals with many financial assets. If you are about to go through a high asset divorce, it is important to understand what lies ahead. The more that you understand the process, the more straightforward it seems. To make things even easier, we have compiled the top five tips to consider when going through a high asset divorce.
What Is a High Asset Divorce?
A high asset divorce is also known as a high net worth divorce. These divorces generally involve significant and complex assets. The higher the value of the estate in the divorce, the more complex the divorce. For example, at Albin Oldner Law, PLLC, we represent business owners, executives, celebrity sports figures and families with significant wealth throughout the divorce process.
Our Frisco-based divorce attorneys must value these assets and properties to divide them fairly during the divorce process. We are prepared with a team of tax and financial experts who work with us to ensure precise property division. However, this is often a contentious process, especially if one or both spouses do not agree about dividing marital assets.
5 Tips to Consider When Going Through a High Asset Divorce
Due to the complexities of high net worth divorces, it is important to consider these five tips:
- It Takes Time. High-asset divorces take longer than the average divorce. This is because attorneys must properly value the properties and assets. Individuals going through a high asset divorce must remain patient and let the process unfold. Rushing through a high asset divorce may mean that you could lose assets that are rightfully yours.
- High Asset Divorces Have Tax Implications. These divorces often involve liquidating assets and sometimes selling off joint real estate. This can trigger large capital gains and can have a significant impact on your taxes. Make sure you understand the long-term ramifications of dividing your assets. When you work with our attorneys, we provide a tax accountant to help you consider all tax implications.
- It Costs More. Due to their complexities, high asset divorces often cost more than average divorces. This is often because high asset divorces require hiring multiple professionals who must work together to protect your rights and ensure a fair and smooth divorce process.
- Keep it Private. When going through a high asset divorce, we understand that you want your privacy. We recommend that you do not air your grievances on social media. Make sure you talk to your attorney about filing for a sealed divorce as well to further protect your privacy. We also provide divorce mediation, which keeps your divorce out of public records.
- List Assets Truthfully. Couples who enter high asset divorces often worry about disclosing all assets. You may feel the temptation to hide certain assets, family heirlooms or properties. However, the courts look unfavorably towards individuals who attempt to hide assets. Instead, list all assets truthfully and honestly. Let your high asset divorce attorney work to protect them during the divorce.
Talk to a Collin County Divorce Attorney From Our Firm Today
The Frisco family lawyers at Albin Oldner Law, PLLC have decades of experience representing Texans during divorce. We know that high asset divorces are complex and require a different level of representation. Our attorneys have the experience and resources needed to protect your assets, rights and future. The divorce process can be complicated, but we help our clients to achieve their goals in divorce in the least stressful, least costly manner possible. Call us at (214) 423-5100 or send us a message online to schedule a consultation.