Fort Worth High Asset Divorce Lawyer
Divorce is often complicated. It isn’t easy to separate two lives that have become so intertwined. However, when cases involve significant assets, it is even more difficult.
High net worth divorces often involve complex assets such as self-owned businesses, stocks and bonds, real estate, and considerable tax implications. Determining what an equitable division of assets looks like requires great care and consideration. It is, therefore, important that couples navigating a high-asset divorce have support from experienced divorce attorneys.
At Youngblood Law, PLLC, we have dealt with numerous high-asset divorce cases and have a wealth of resources and knowledge that will ensure that you reach a fair outcome. Utilizing the low conflict strategies and working with financial experts, we will help you find a fair, out-of-court resolution to your divorce. We advocate fiercely for our clients and will ensure that your share of the property is in line with your rights and interests.
When you get in touch with Youngblood Law, PLLC, we will offer an in-depth consultation with a Fort Worth, high-asset divorce lawyer who will lay out a roadmap of the best course of action to take.
High net worth clients need experienced representation from an attorney committed to their needs. That is exactly what we offer at our family law firm.
Contact us today at 817-369-3970.
Dividing Assets in a High Net Worth Divorce in Fort Worth, TX
One of the most hotly debated issues in any divorce is property division, and when there are significant assets, the stakes are high. Texas is a community property state in which property must be divided equitably. Determining what that means can be wrought with uncertainty. However, when you have an experienced family law attorney by your side, you can feel confident that your rights and interests will be protected.
In a community property state such as Texas, the first task is to divide the property into separate and community property.
All assets that either party owned before they were married, or any property acquired during the marriage through gifts, inheritance, or compensation, are considered separate property.
Separate property continues to belong to each individual after the marriage has ended, and it is not subjected to division. High net worth individuals may have significant separate property. Therefore, one of the first things your attorney will help you do is establish and evidence your separate property to ensure that it is protected.
All assets that either party acquired while they were married are considered community property. Community property could include real estate, investments, pensions, bank accounts, and more. Debts acquired over the course of the marriage are also considered community property.
All community property is subject to equitable division in Texas, regardless of whether they are in one spouse’s name or both. Equitable division doesn’t always mean an equal split, and the court may order an uneven distribution depending on the individual circumstances of each case.
Due to this, both spouses will need to present their financial contributions and standings. A high-asset divorce lawyer will help you fight for a just outcome that protects your financial circumstances.
Some circumstances where a Judge may order an uneven distribution of property include:
- One spouse is significantly disadvantaged due to education, vocational skills, or earning ability
- One spouse is significantly disadvantaged due to age and health
- One spouse has significantly more separate property than the other
- One spouse is clearly responsible for the couple’s debt
- One spouse intentionally depleted marital property
- One spouse is taking on the role of primary caregiver for the couple’s children
Valuing And Dividing Complex Assets
If your marriage involves complex assets, then you may need more than an experienced attorney; you may also need the help of a tax expert, forensic accountant, and other financial experts.
At Youngblood Law, PLLC, we have strong relationships with trusted experts who we can use to help divide complex assets and protect the assets that are important to you.
One way we will do this is by ensuring that everything is valued correctly. Some investments that seem small now could have huge potential, and if they are undervalued, you may end up with less than what you deserve. For example, if one spouse receives stock options through their employment, then an expert to help value this.
Some assets that often prove difficult to distribute include:
- Retirement accounts
- Self-owned businesses
- Stocks and bonds
- Life insurance policies
- Foreign employee benefit plans
- Real estate, both domestic and abroad
- Oil and mineral rights
Important Considerations in High Net-Worth Divorces
Every divorce is different, and each comes with its own unique set of challenges. In high-net-worth divorces, some common complexities include:
- Whether a prenuptial agreement was made before the marriage
- Whether one spouse attempts to hide assets from the other
- Whether one spouse keeps the main residence or not
- How child support will be determined
- Whether there is a large income disparity between you and your spouse
- Whether one spouse will need to pay the other spousal support, and if so, how much and for how long
Child Support in High Net-Worth Divorce Cases
If you have children, then you will need to reach a child custody agreement. Unless one spouse poses a risk to the child’s well-being, some form of shared custody will be granted. However, it is common for one spouse to be the primary caregiver while the other has visitation rights. This often fits into the family’s schedule better and helps foster stability in the child’s life.
If one spouse becomes the primary caregiver, the other will usually have to pay child support. Child support payments are based on Texas Child Support Guidelines. There are several factors that may affect what is granted; however, the maximum amount is:
- One child – 20% of the net income of the obligor
- Two children – 25%
- Three children – 30%
- Four children – 35%
- Five children – 40%
- Six children or more – 40% or more
In addition to these guidelines, there are limits in place based on a parent’s income of $7500 a month. However, these guidelines are not absolute, and the court could order more or less.
However, in high-net-worth divorces, it is common for children to have additional financial needs such as private education. A parent may be able to argue that they have greater needs than what the maximum can cover. If they can clearly establish this need, then the court may increase child support.
At Youngblood Law, PLLC, we use low-conflict strategies to help you and your partner find a fair, out-of-court resolution. This helps prevent a breakdown of communication and protects the best interests of the child. If this is not possible, then we will be prepared to fight in court to protect your interests.
Fort Worth High Asset Divorce Lawyer FAQ
What is a high-asset divorce?
A high-asset divorce is a divorce where one or both spouse’s estates equates to a high value. Divorce involves dividing assets, which can be particularly complicated when a marital estate holds significant value.
What if my spouse is hiding assets?
In a high net-worth divorce, one spouse may try to hide assets to prevent them from being divided. This is not acceptable and can result in the guilty party losing all rights to those assets and even jail time. If you are concerned that your spouse is hiding assets, then it is essential that you speak to an attorney who can help establish the truth.
How do I protect high-value assets?
If there are particular assets that are important to you, such as a self-owned business or your home, your attorney can help you to work out an agreement that protects your interests. This may mean giving your ex-spouse something in return for you keeping what’s important to you. It is essential that you have an experienced attorney to ensure that you receive your fair share.
How much is a Fort Worth, high-net-worth divorce lawyer?
The cost of representation varies in each case and depends on the complexity of your case, whether you have children, and how much court involvement is necessary. At Youngblood Law, PLLC, we will strive to keep costs down by supporting you to move your case forward as smoothly as possible. However, we will never sacrifice your rights and will be prepared to go the distance if necessary.
Who pays attorney fees?
Each party is usually expected to cover its own legal fees in a divorce. However, if one spouse has significantly more wealth than the other, or if one spouse is found to have hidden assets from the other, then the Judge could order them to cover some or all of the other fees.
Schedule Your Free Consultation Today
If you are navigating a high net worth divorce, then you need the support and guidance from an attorney with the skills, resources, and experience necessary to protect you. At Youngblood Law, PLLC, we have helped numerous clients through high assets divorces and will work with you to develop a clear strategy.
Whether you want to work outside of the court process or need someone to advocate fiercely on your behalf in front of the Judge, we can help.
We will help you transition to a new life where you feel supported and confident about your future. We offer a free consultation with an experienced high-asset divorce attorney so that you can start gaining clarity on your next steps.
Contact Youngblood Law, PLLC today at 817-369-3970.