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TX divorce lawyerMost married couples share financial advisors. However, once a couple decides to get divorced, it is usually a good idea for each party to hire a new financial advisor, accountant, and tax advisor, who can ensure that his or her interests are protected. This is especially important in cases where one spouse had the majority of contact with the family’s financial advisors during the course of the marriage. Hiring a new financial team can give divorcing parties peace of mind that their advisors have no shared or conflicting loyalties and will treat them in a fair and impartial manner. If you and your spouse are thinking about filing for divorce and you are in need of recommendations for a financial team of your own, please contact our dedicated high asset divorce legal team today for assistance.

Financial Teams

Financial teams hired to assist with high asset divorces are usually made up of a number of individuals, including:

  • Business valuation experts;
  • Certified divorce financial analyst;
  • Certified public accountants;
  • Certified financial planners;
  • Commercial property appraisers;
  • Personal property appraisers; and
  • Residential property appraisers.

All of these individuals play an important role in valuing property. For instance, certified public accountants can help explain the tax implications of retaining certain assets, while a forensic accountant can help ensure that one spouse isn’t hiding assets or attempting to commit fraud by identifying and valuing marital property.

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TX divorce lawyerDissolving a marriage is complicated and often has the potential of becoming an emotional and difficult process. Those risks tend to be especially high for those who are involved in a high asset divorce and own unique assets, such as a business, as they could be required to sell the company, or buy out their soon to be ex-spouse’s interest, both of which could cause significant financial strain. Obtaining an accurate business valuation is critical to ensuring that any property settlement entered into by a couple is fair, so if you or your spouse own a business and are considering divorce, it is critical to speak with an experienced high asset divorce attorney who can ensure that your assets are properly appraised.

Determining a Company’s Value

Hiring an expert in business appraisals is critical when it comes to placing a value on a company. This type of appraisal is complicated, as it requires a prediction of the potential future value of the company, as well as its past and current value. During this analysis, business appraisers will take a number of factors into account, including the company’s:

  • Expenses;
  • Earning history;
  • Earning capacity;
  • Dividend-paying capacity; and
  • Stock prices.

Depending on the method of valuation used, an appraiser may also be required to evaluate the price of company equipment and other tangible assets, such as:

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TX divorce lawyerThere is a lot at stake for any couple going through a divorce. This is especially true for those who own significant or diverse assets, so if you want to ensure that your own divorce goes as smoothly as possible, you should strongly consider contacting a Leander high asset divorce attorney who can ensure that your filings and disclosures are all made properly and on time.

Hiding Assets

One of the worst mistakes that a person can make when going through a high asset divorce is to try and hide assets from one’s spouse. Not only could this type of conduct lead to an unfair property settlement, but if a court discovers that one of the parties was dishonest when disclosing their financial holdings and debts, it could hold that individual in contempt or require that he or she turn over a larger portion of assets to the other party.

Failing to Fully Investigate Assets

Failing to disclose assets to a spouse is not always done intentionally. In fact, many divorcing couples accidentally fail to disclose assets, properties, and debts because they did not hire an expert to investigate their finances. Taking this step is extremely important, especially for spouses who were not primary earners or who have less knowledge about the family’s financial holdings, as it ensures that any settlement agreements will be fair and equitable. Maintaining an inventory of all of one’s assets is also a good idea and can give financial advisors a better understanding of where certain assets are held, as well as their approximate value.

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