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Divorce is never easy, and the process becomes even more complex when significant assets are involved. Property division can lead to disputes, financial loss, and legal complications if handled incorrectly in a high-net-worth divorce. At Burrows Law Group, we help high-net-worth individuals in Denton County, Flower Mound, Frisco, and Collin County confidently navigate the legal landscape. Understanding what to do—and what to avoid—can significantly protect your assets and secure your financial future.
Do: Identify and Classify Your Assets Properly
Texas is a community property state, meaning that most assets acquired during the marriage are presumed to belong to both spouses. However, not all property is considered community property.
✅ Community Property: Assets and debts acquired during the marriage, such as income, real estate, and retirement accounts.
✅ Separate Property: Assets owned before the marriage, inheritances, gifts, and personal injury settlements.
Failing to classify assets correctly can result in the unintentional loss of wealth. Working with an experienced Denton County divorce attorney ensures that your separate property remains protected.
Don’t: Hide or Misrepresent Assets
Transparency is crucial in high-net-worth divorces. Some individuals attempt to conceal wealth by transferring assets, underreporting income, or moving funds to offshore accounts, but this is a serious mistake.
❌ Concealing assets is illegal and can lead to penalties, court credibility loss, and even criminal charges.
At Burrows Law Group, we work with forensic accountants and financial experts to ensure a fair and thorough assessment of marital assets. If you suspect your spouse is hiding assets, we can help uncover the full financial picture.
Do: Protect Business and Investment Interests
A divorce can jeopardize your financial security if you own a business or have significant investments. Without proper planning, your spouse could claim a portion of the business or force the sale of assets.
To protect your business:
✔️ Review prenuptial or postnuptial agreements that outline business ownership.
✔️ Keep business and personal finances separate to avoid commingling.
✔️ Get a professional business valuation to determine its true worth.
Our legal team understands the complexities of business ownership and divorce and will work to safeguard your interests.
Don’t: Overlook Tax Implications
Property division involves more than just splitting assets; it also has significant tax consequences. Selling real estate, dividing retirement accounts, and transferring stock can trigger capital gains taxes, penalties, and other financial liabilities.
To avoid unnecessary tax burdens:
✔️ Work with a tax advisor before finalizing asset division.
✔️ Consider long-term financial implications, not just immediate gains.
✔️ Ensure retirement accounts are divided correctly to avoid penalties.
Burrows Law Group partners with financial professionals to help clients make informed decisions about asset division.
Do: Work with an Experienced High-Net-Worth Divorce Attorney
A high-asset divorce requires expert legal guidance to effectively navigate property division, business interests, and tax concerns. At Burrows Law Group, we provide personalized legal strategies to help protect your financial future.
Protect Your Assets with Burrows Law Group
Navigating a high-net-worth divorce requires a strategic approach to property division, tax considerations, and business protection. Making the right legal decisions now can safeguard your financial future and ensure a fair outcome. At Burrows Law Group, we understand the complexities of Texas divorce law and provide tailored solutions to protect your wealth.
Contact our experienced family law attorneys today at (972) 236-7798 to discuss your options and secure a strong legal strategy for your future.