The breakdown of a marriage can be particularly difficult when the spouses share high-value assets. From rare art to commercial real estate, the division of these assets and valuables can be complicated, often requiring expert valuation and negotiation. 

Determining the worth of unique collections, properties, or businesses can be complex, as emotions and financial stakes run high. While Texas law does not have a specific statute that exclusively governs high-net-worth divorces, divorces involving significant assets are subject to the general provisions of the Texas Family Code. It’s essential to have a skilled family law attorney who understands the intricacies of high-net-worth divorces and can advocate for your best interests while ensuring a fair distribution of assets. 

At Barton & Associates Attorneys at Law, PLLC, our firm understands the complicated nature of high-asset divorce. We can help you work through the challenges of placing a value on rare property or even assist with liquidating it when required by the court. Reach out today to learn how we can help.

Allocating Assets & Dividing Property in a Texas Divorce

At its core, the primary concern in a high-asset divorce is dividing the marital property evenly. Some items in a marriage hold a clear value, but the parties might see things differently when it comes to determining the value of closely held companies, commercial real estate, or rare pieces of art.

Understanding what these assets are worth is important, given that Texas is a community property state. Nine states in the country are community property states, which means that property acquired by a couple during their marriage is equally owned by both spouses. (Note: There are some exceptions.) Before property can be divided, the court must ensure that all of the shared property is valued appropriately. 

In addition to determining an asset’s worth, an attorney may also be able to help liquidate that property to ensure the total estate is split fairly. Sometimes, dividing up a cash payment after selling an asset is the only (or the preferred) way to reach a fair outcome.

About Forensic Accounting in High-Net-Worth-Divorces 

Our legal team will often work with experts to help strengthen our cases. We often work with forensic accountants in high-net-worth divorce cases to ensure we’re “following the money” and not leaving hidden assets on the table. 

Forensic accounts are experts trained to trace hidden assets by examining financial records, looking for irregularities and uncovering any fraudulent activities. Equally dividing your marital assets requires full financial transparency and sometimes a party in the divorce will use methods of manipulation or omission to their financial statements, or funnel money into obscure accounts to reduce their obligations. Sometimes other friends or family members are helping to hide money during divorce proceedings. As your Texas family law lawyers, we’re committed to ensuring transparency from all parties.

Note: Under Texas Law, if one spouse is found to be concealing assets or income, the court has the authority to compensate the other spouse through a disproportionate division of property.

How Prenuptial Agreements Can Change Things

Texas may be a community property state, but it also allows two people to enter into prenuptial agreements. The terms of these marital contracts can alter how assets are divided during a divorce case, particularly when they are high value.

One of the ways these contracts can have an impact is by holding that a specific asset is separately owned by one spouse, which allows that person to retain ownership instead of dividing it during the divorce.

Reach Out to a High-Net-Worth Divorce Attorney Today

Before you agree to anything in a divorce, it is important that you discuss your options with an experienced family law attorney. Contact Barton & Associates Attorneys at Law, PLLC, immediately for a free consultation with our team of attorneys.