A few decades ago, a popular song warned people that the more money they have, the more problems they will have to deal with. That aphorism is particularly true for those going through a divorce.
The higher your income and the more assets you have, the greater the potential for disputes about the division of your property and unscrupulous behavior. There are certain unique considerations for high asset marital estates that you want to review prior to moving forward with a divorce filing.
You may need professional help to determine the value of your assets
In many divorces, people will have straightforward assets to divide, including the balance of their bank account, the equity of their home and their personal belongings. However, the greater the overall wealth you’ve accrued during your marriage, the greater the diversity and value of your personal assets.
Major purchases you’ve made over the years, ranging from jewelry to vehicles or even fine art, will drastically impact the final value of your marital estate. Many expensive items accrue value over time, meaning that the price you purchased it for may no longer reflect its fair market value. You may need to call in the professionals to determine what your marital estate is really worth.
You may not be able to maintain the same standard of living after a divorce
Those who enjoy a higher standard of living due to high income and high household assets may not be able to maintain that same standard of living when household and income must get spread across two independent households. You may have to seriously reconsider the size of your home, your spending habits and even your retirement plans as a result of a divorce.
The incentive for questionable behavior increases with the value of the marital estate
The more money and valuable assets you have to split, the greater incentive you and your spouse will have to try to manipulate the process in your favor. Texas is a community property state, which means anything you acquired during the marriage may be susceptible to division unless you have a prenuptial agreement.
Some people will take steps to diminish the value of the marital estate to avoid sharing assets with their spouse. From the intentional dissipation or wasting of marital assets to an attempt to hide assets, there are many ways in which one or both spouses might undermine the fairness of the property division process in a Texas divorce. The more the marital estate is worth, the greater the incentive to behave in such a manner.