Pre-Filing Considerations for High-Asset Divorces in Austin

A divorce that involves substantial asset division can take a significant emotional toll on both spouses. Many issues can result in heated arguments even if you are keen on settling amicably. The best way to avoid emotional pressure and delays is to be prepared.

An experienced family attorney can help you navigate numerous pre-filing considerations for high-asset divorces in Austin. Careful preparations can help speed up the process and minimize frustration.

Organization of Finances

Since high-net-worth spouses usually have complex financial portfolios, they must evaluate all their assets before filing for divorce. This includes gathering relevant documents, such as tax returns, credit card statements, and mortgage documents. It can also help to prepare a list of monthly expenses. This can be used as foundational evidence for determining proper asset division and support obligations.

Both spouses need to review their financial future after the divorce. Many Austin couples fail to consider long-term financial changes after becoming independent. Understanding financial needs and taxation issues after the divorce can help spouses make educated decisions about dividing certain assets.

Property Inventory

Another important pre-filing consideration for a high-asset divorce in Austin is property inventory. Creating a thorough inventory before filing can help spouses plan for fair distribution before the process begins. It can also help uncover any assets that one of the partners may be hiding in order to avoid the division.

The person filing for a divorce should also take photos and catalogue everything in the family residence. For a spouse who plans to leave the house during the divorce, it is especially important to document the condition of the property before vacating it. While this may seem excessive, it is not uncommon for items to disappear mysteriously once the divorce process begins.

If possible, the spouse should also find purchase receipts and appraisal documents. These can serve as supporting documents for fair asset division.

Legal Assistance

Hiring an attorney is not just a pre-filing consideration, it is a must-do in a high-asset divorce. While Texas is a community property state, the judge has the right to decide which asset division is fair. To prove this fairness, the spouses must provide evidence and build a strong case.

An experienced family attorney in Austin can:

• Coordinate with financial professionals: Work with forensic accountants and appraisers to uncover hidden assets, determine accurate valuations, and assess complex holdings
• File legal documentation: Prepare petitions, financial disclosures, and deal with filing documents in court
• Advocate during negotiations and mediation: Represent the spouse’s best interests during settlement discussions and mediation sessions
• Court representation: Build a persuasive case and argue for fair asset division in front of the judge

Strong legal representation provides a buffer between the spouses. A legal professional can help reduce unnecessary conflict and promote constructive negotiations.

Talk to a Skilled Attorney in Austin About Pre-Filing Consideration for High-Asset Divorces

If you are planning a divorce that involves high assets, you need to prepare for it even before taking any legal steps. An experienced attorney can help you understand the numerous pre-filing considerations for high-asset divorces in Austin and make educated decisions.

At Kimbrough Legal, PLLC, we work hard to help our clients achieve a fair asset division without significant emotional pressure. The earlier we start working on your case, the easier the proceedings will be. Call us to schedule a consultation today.