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 10 Things To Know If You Are Getting Divorced With a Million Dollar Net Worth

  1. If one spouse handles all of the finances and the other spouse is blind to family money during the marriage, it is easier for the spouse in financial control to effectively hide assets and avoid dividing them in the divorce. Leading up to a divorce, it is a good idea to retain bank information or any clues that can help lawyers find the marital assets.  There is no perfect solution or method to uncover hidden assets. 
  1. If a spouse is receiving a lump sum of money, and this award is not properly worded, it may be unenforceable. This means that if the lawyer does not write the decree properly, the spouse that was supposed to receive the cash, will never get the cash.

  1. Your assets can remain not a part of public record if you have them listed in your divorce in a document called an “agreement incident to divorce” rather than in the public decree of divorce.

  1. You must ensure that both parties have signed a sworn inventory and appraisement to ensure that any lying from either party in the divorce can result in reimbursement for a fraud claim later.

  1. If you are not sure what assets your spouse has, you can hire a tracing company to attempt to assess the movements and use of money by you or your spouse.

  1. It is important that both parties have lawyers in a high net-worth divorce, but to save money, one lawyer can be a review only attorney. This means one lawyer writes the and files the divorce documents. one lawyer, for the other spouse reviews the documents.

  1. To assess the value of your assets, you can hire appraisers, or you can use other methods to valuate property, businesses, stocks and any other asset. 
  1. In Texas, the portion of retirement that is saved during the marriage is usually divided to both spouses in half. Any part of the account that was saved before the marriage stays with the spouse that had it coming into the marriage.

  1. Any inheritance is separate property and is not divided in the divorce in Texas, but stays with the spouse who inherited it.

  1. If either party started a business during the marriage, the spouse that is not keeping the business should sign an assignment of closely held business interest to the spouse retaining the company.

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