With the holiday season in full swing, it’s hard enough keeping up with all the preparations and festivities, much less following through with a divorce. Each divorce is unique, and dealing with a high-net divorce has even more complexities. Our divorce attorneys in McAllen wants to share three basics you need to be aware of when dealing with a high-net worth divorce.
The Basics: What is a High-Net Divorce?
A high-net divorce pertains to a divorce in which both ex-spouses have a substantial amount of valuable assets from within their marriage. What constitutes a high-net divorce?
● A business
● Real Estate
● $1 Million+ in liquid assets
● Substantial stock portfolios
● Artwork, jewelry, motor/water vehicles, or other assets of high value
How is Property Distributed?
The real question now is how is highly valued property distributed. During divorce proceedings, each party’s assets will be categorized as separate or community property.
What is Separate Property?
Separate property is property owned before the two people were married. If the spouse purchased something of value before the marriage, it will remain theirs and not be a part of the assets that will be distributed.
What is Community Property?
Community Property is property obtained within the marriage. The possessions don’t necessarily have to be a joint decision. If an asset was purchased without the spouse’s monetary contribution, it is still considered community property.
Concealment of Assets
A significant issue with many high-net divorce cases is the concealment of assets from the other. At times, individuals may hide property, so the other spouse will not find it and have it possibly be separated from their purchases. It’s important to note:
- You must share all information requested of you truthfully while under oath.
- Concealing assets and property can be considered a lawful offense during the divorce.
- If assets were discovered during the process, and a request for divorce is not considered amicable by both parties, the final amount split could change.
This is why we highly recommend our divorce attorneys in McAllen to represent you during all divorce proceedings. Our divorce attorneys in McAllen can help assess the value of your assets and act as your advocate to ensure you receive proper compensation for the property during your divorce.