With significant assets at stake in a Texas divorce, it can cause myriad challenges that must be addressed from the start. A key factor to remember is how to be protected and shield assets when the property is divided. There are certain steps that people in this situation may want to consider as the process moves forward.
What to consider when protecting assets in a divorce
Couples who have been fortunate enough to accrue substantial assets must understand how to protect themselves. It is wise to understand what assets are in the portfolio and their value. Taxes could be a problem as the divorce proceeds. If there are issues with taxes, both will be liable for them. Capital gains is an example of a potential worry with real estate, stocks and properties that tend to increase in value as time passes.
High-asset couples are likely to have retirement plans like a 401(k) and an individual retirement account. These will often be split in the divorce settlement. In addition, the value of a business could have risen exponentially, helping the couple accrue their wealth. Business assets can include real estate, automobiles, collectibles and other investments. Professional people who work in the legal field, medical field or the stock market will have a license that grew in value during the marriage, which may also be a factor.
Weighing all available options can help with a successful outcome
During a settlement, the parties can negotiate and control how the property is divided and potentially move on with a reasonably amicable relationship. In other cases, negotiation is impossible, and there is rampant dispute. A crucial part of achieving a positive outcome may be having assistance from professionals experienced in high-asset divorce cases.