Divorces involving the division of significant assets can become very complex. When spouses have very different financial standing before or during the marriage, this adds to the difficulty.
Wealthy couples need divorce attorneys who understand the issues involved in dividing significant assets. If you hire an inexperienced attorney in this area, they may overlook important considerations.
At The Larson Law Office, our high net worth divorce lawyers provide customized legal strategies that address the unique needs of each client.
We have extensive experience helping high net worth clients navigate Texas divorces, and we will advocate for your interests at every stage of the legal proceedings. Here, we explain what an experienced attorney can do in your high asset divorce in Houston, TX.
Texas is a community property state, which means that money earned and property acquired during the marriage is split equally between the spouses.
Also, debt incurred during the marriage is divided between the spouses. Property, including financial assets, acquired before the marriage is considered separate property and is not split between the spouses.
Your Houston high asset divorce lawyer should help you review all assets, including:
Cars, planes, and boats.
A knowledgeable divorce attorney can help you determine whether each asset is separate or community property.
Since only a few states are governed by community property laws, you should avoid using an attorney who may not have the understanding needed to advise you on your division of property in Texas.
Exceptions to Community Property
While this community property system seems straightforward, there are some exceptions. For instance, property you inherit or receive as a gift during the marriage is not community property.
Also, separate property that becomes so commingled with community property that you can’t identify and divide it becomes community property.
Prenuptial and Postnuptial Agreements
If you have a prenuptial or postnuptial agreement that divides property differently, it may override the Texas community property laws. Bring all marital contracts to your attorney to help you ascertain community property from separate property.
What Are Concerns in High Net Worth Divorces?
Your concerns are individual to your case, and our attorneys can help you identify them when we meet for a consultation. That said, these are some common issues in high net worth divorces.
If you suspect that your spouse is hiding assets, you will need to take careful investigative steps to uncover the complete list of assets. We may recommend that you hire these experts:
A forensic accountant to take a close look at your bank records;
Appraisers to value real estate, jewelry, collections, and other valuables; and
Electronic forensic investigators to trace information on electronic devices.
We will help guide you through the wide network of experts to provide you with high-caliber legal representation that leaves no stone unturned when the circumstances warrant. We want to do whatever we can to get your full financial picture.
The tax consequences of high asset divorce can significantly affect your net worth. However, there are ways to transfer assets between spouses that avoid some of these tax consequences.
Tax codes frequently change, so you may want to hire an attorney who is up-to-date on current tax law and its implications for a divorce.
An experienced high net worth divorce lawyer can assist with onboarding a tax professional to advise you on tax code changes and whether they are advantageous for your divorce.
If you have children, child custody and support becomes a significant issue. You need an attorney who will fight for your child custody rights and present all evidence to the court that impacts a child support determination.
High net worth divorces may involve child support payments not common in other divorces, such as private school tuition. Without an experienced high net worth divorce attorney in Houston, you could wind up paying far more than you need to in child support.
Contact a Houston High Net Worth Divorce Attorney
You don’t want just an average divorce attorney when you have considerable assets. You need an attorney who has significant experience with high net worth divorces.
At The Larson Law Office, we understand the specialized concerns of high net worth individuals, and we work to protect your assets.
From advising you on timing strategy for filing a divorce petition to strong advocacy for your interests, we provide personalized, highly skilled legal representation. Using forensic investigators, technology experts, and other contacts, we work to uncover any evidence your spouse may be hiding.
Before you take another step toward dissolving your marriage, you need to speak to a Houston high net worth divorce lawyer. Contact The Larson Law Office for a consultation to discuss and evaluate your divorce concerns.