High asset divorces are certainly subject to many questions concerning how much property from a divorcing couple's financial portfolio will be divided. Assets can range from pensions, stock options, real estate and even art. You can bet that these are all considered into the equation when totaling marital property. But what asset transfers during property division decisions can be subject to taxes? This is an important question to ask when you are interested in protecting your assets in a divorce.
Before they can formally dissolve their marriage, all Texas couples seeking a divorce must go through the process of property division. They must list all their assets, divide personal property from property obtained during the marriage and then divide the community, or marital property according to state law. It's rarely an easy process, but high asset divorce tends to be more difficult than divorce for couples with middle incomes simply because high net worth couples tend to have more complex assets that are harder to value and harder to divide.
For previous generations of Texans, divorce was extremely difficult. The parties typically had to present evidence as grounds for divorce, such as infidelity or cruelty, and the whole process took many of the procedures of a criminal trial. The advent of no-fault divorce significantly streamlined the process, and new methods such as mediation and collaborative divorce helped many people to avoid the acrimony that can come with a divorce.