Every divorce comes with its own issues as well as its own perks. Finding one’s way through a high asset divorce in Texas will take some navigating, researching, appraising, forensic account digging and possibly even business valuations. Most people think of assets as something tangible rather than intangible. Both tangible assets, such as houses, and intangible assets, such as bank accounts, are certainly taken into consideration during a divorce.
It is common knowledge that each spouse enters marriage with his or her own pre-marital assets, small or big, valuable or invaluable. They may either receive an inheritance, earn and save a significant amount of money, or acquire numerous, valuable assets during the marriage. When it comes to a high asset divorce, it could prove costly if all assets are not brought to the table. One spouse may want to hide certain assets, while the other spouse willfully provides a laundry list of all the assets he or she had prior to the marriage. Protecting these assets during divorce is of great importance, and entering into a prenuptial agreement or even postnuptial agreement is a manner in which a spouse can ensure fairness throughout the division of assets.
The agreements can specify how assets will be distributed, assist with a plan in case either spouse becomes incapacitated or dies, and also help alleviate any stress regarding the division of assets during the divorce. It should be noted that if a couple elects to use a prenuptial agreement, they should draft the document well in advance of the wedding. Waiting a few days or even weeks before the actual date of marriage may cause red flags to be raised, and either spouse could claim coercion or duress under signing the agreement. Being so close to the date of marriage can ultimately cause the agreement to be deemed invalid.
Prenuptial and postnuptial agreements play a very important role in divorce and can be especially critical during a high asset divorce. Significant financial stakes can be prevalent in high asset divorces, and a game plan should be created to protect such assets for the future all while creating less stress for each spouse. An experienced Texas family law attorney may help assist in compiling, preserving and even securing any and all assets involved during the divorce process.
Source: huffingtonpost.com, “Why Every Couple Should Have A Prenuptial Agreement“, Vikki Ziegler, Jan. 14, 2017