People with a high net worth or diverse and complex assets should be particularly diligent about ensuring a fair division of property and debts during a divorce. The risk of hidden assets or unfair valuations is much higher when business assets, investments in sophisticated financial instruments, art, antiques, and jewelry, as well as foreign or offshore bank accounts and property are involved.
You need a resourceful and seasoned Austin high net worth divorce attorney who has the proven capability and track record to deal with complex, high net worth estates. With the right divorce lawyer, you will have a distinct advantage while presenting your case before a Texas family court or during a settlement with your former spouse.
Types of Assets in a High Net Worth Divorce
An experienced Austin high net worth divorce attorney will know how to locate all domestic and foreign marital assets and to determine their accurate valuation. High net worth asset portfolios often include:
- Business assets, intellectual property, and goodwill
- Stocks, bonds, and ESOPs (employee stock options)
- Partnership and professional practice assets and goodwill
- Real estate assets – domestic and foreign
- Money market funds and other financial investments
- Life insurance policies and annuities
- Trusts
- Oil and mineral assets and royalties
- Retirement accounts, severance pay, and pensions
If you are updating ownership of an account, you may need a Texas QDRO.
Valuation of Your High Net Worth Marital Estate
Once your Austin high net worth divorce attorney has identified all the marital assets that are subject to division, they will carry out a detailed valuation process of the estate.
To protect your rights, your lawyer may utilize in-house experts as well as hire outside specialists such as a forensic accountant, CPA, financial planner, and investigators to thoroughly address the issues related to property division in your high net worth divorce.
Your attorney will also make effective use of the legal discovery process to compel the other party to disclose all possible marital assets. Based on the outcomes of these investigations and the discovery process, they will pursue a court verdict or go ahead with a negotiated settlement so that you can obtain your rightful share of the high net worth marital estate.
Child Support and Alimony in a High Net Worth Divorce
The family court in Texas will review the financial position of both parties at the conclusion of your high net worth divorce. This factor will have an impact on the court’s decision regarding the payment of spousal support or alimony as well as child support payments.
In high net worth divorce cases, it is often the case that one spouse was financially dependent on the other spouse. Therefore, the dependent spouse may need substantial alimony payments to return to a position of financial self-sufficiency or to maintain a similar lifestyle that they enjoyed during the marriage.
Child support payments are also an important consideration in a high net worth divorce. When the payer’s income is determined to be substantially in excess of the standard child support guidelines, and the child’s needs justify an amount higher than what the guideline specifies, a Texas judge could deviate from the standard child support guidelines.
You Deserve Your Fair Share in a High Net Worth Divorce
You have a lot at stake in a high net worth divorce, and you need an Austin high net worth divorce lawyer with experience in successfully handling such cases. Divorce attorney Eric M. Willie, P.C. will help you obtain your fair share in a high net worth divorce settlement. Call us now at 512-478-0834 or simply fill out our online contact form.