In the state of Texas, the dissolution of a marriage is rarely an easy process. Just as every marriage is unique, the same can be said for every divorce. Although each divorce case has its own hurdles and difficulties, a high-asset divorce is often more complicated than the average marital breakup. So what exactly makes these types of proceedings more complex?
When is a divorce considered “high-asset”?
There is no basic, set-in-stone definition of what makes a divorce a high-asset proceeding. However, when a marital breakup involves total assets that are greater than $1 million, it is generally considered a high-net-worth or high-asset divorce. Many divorces these days consist of even higher amounts of assets.
Why are high-asset divorces more complex?
High-asset divorces require a detailed understanding of finance and accounting since there are greater amounts of assets and property to divide and the stakes are higher. For instance, if a divorcing couple’s marital estate is worth $10 million, negotiating just 1% would involve thousands of dollars. High-asset divorces often take longer to resolve than standard divorces due to their complexity. The process of negotiating and settling a high-asset divorce can seem drawn-out and tiresome. It may be tempting to settle as quickly as possible to get the experience over with, but stick it out and see the process through
In a high-asset divorce, there is more to gain or lose. It’s very easy to see why this experience can seem formidable and overwhelming. Any person in Texas who is headed for a high-asset should know there is help available. An experienced family law attorney can examine an individual’s specific case and provide personal protection as well as peace of mind.