A high-asset divorce is already complicated because you must divide significantly valued property. Unfortunately, owning certain assets can add another layer of complexity.
When preparing for a high-asset divorce, knowing what can make matters more complicated can help you take steps to overcome them. Here are some assets that can add to the stress of divorcing with valuable property.
Real estate holdings
Owning multiple properties, especially in different states or countries, can add a few snarls to the process of dividing assets. Each property may be subject to different laws and regulations, requiring careful legal navigation to ensure a fair distribution.
Business interests
When one or both spouses own a business, determining the value and dividing its assets can be challenging. It may involve business valuation experts and complex negotiations to ensure both parties receive a fair share.
Investment accounts and retirement funds
Investment portfolios, retirement accounts and other financial assets often have significant value and can be difficult to divide. These accounts may have tax implications and specific rules regarding division, requiring sufficient legal knowledge to handle properly.
Trusts and offshore accounts
Assets in trusts or offshore accounts can add even more complexity to a high asset divorce. These accounts may be subject to different legal jurisdictions It’s crucial to make sure that you know about all of these assets so you can work to ensure fair distribution.
Debts and liabilities
In addition to assets, marital debts and liabilities must also be considered in a high-asset divorce. Common debts can include mortgages, loans, business financial obligations and other liabilities that need to be fairly divided between the spouses.
While no divorce is easy, valuable property, debts and complex assets can pose unexpected challenges during property division. Having experienced legal guidance can help you better understand Texas community property laws and help you protect your interests.