Most divorces, whether contested or agreed, will have some level of complexity. Complications can become compounded if the divorcing spouses are high net worth individuals with significant property or assets, all of which must be divided in the divorce. Many high asset divorces involve at least some, if not all, of the following:
• Business Interests
• Family Limited Partnerships
• Marital Property Agreements
• Brokerage Accounts and Investments
• Financial Accounts
• Retirement Accounts
• Pension Plans
• Real Estate
• Fine Art
• Intellectual Property and Royalties
• Precious metals, including gold and silver
• And more.
It is important to have experienced and qualified attorneys representing you in the complicated process of a high-asset divorce.
Maples | Jones, PLLC has helped high asset divorcing couples identify, characterize (community property vs. separate property), value, and divide their marital estates. One tool used to help identify assets and liabilities is a Sworn Inventory and Appraisement. There are basic categories under which most assets fall that can be identified through the inventory process, including:
• Financial assets, which include financial accounts, such as checking, savings and money market accounts, brokerage accounts, stocks and bonds, annuities and life insurance policies, retirement accounts, including 401K plans, IRA’s and pension plans
• Real property, which may include land, ranches and farms, rental and investment properties, commercial property, vacations houses and the parties’ marital home
• Business assets, including any ownership interests in closely-held corporations and unincorporated business entities
• Intangible property, which may include intellectual property or intellectual property rights such as patents, trademarks and copyrights
• Personal property, which includes fine art, jewelry, antiques, electronics, collections, and other such items
Preparing a full and accurate Sworn Inventory and Appraisement can be a time-consuming and challenging endeavor but it is a necessary one, especially for high asset divorces. The team at Maples | Jones, PLLC will work with the client to prepare and complete this litigation tool. The completed Sworn Inventory and Appraisement offers the divorcing spouses and their attorneys with critical information that will assist in the high asset divorce process.
To ensure that the settlement of all assets and liabilities that you receive is financially beneficial to your future, finding the right high-asset divorce attorney and other financial professionals is paramount to a successful and fair outcome in your divorce. If you and your spouse have decided to divorce and you are a high-net-worth couple, it is imperative that you retain the services of a high asset divorce lawyer in Austin, Texas who has extensive experience in handling complex asset and property division cases. Call Maples | Jones, PLLC to schedule a confidential consultation today.
Written by: Chris Boman