A divorce – by its very nature – can be a challenging and complicated process. A high net worth divorce – on the other hand – can be far more complicated, due to the massive amount of wealth at stake and the diverse range of properties owned by the parties involved.
If you are a high net worth individual or if you are married to one and planning to file for divorce, it is important to hire an Austin high net worth divorce attorney who can guide you through the whole process, protect your interests and rights, and achieve the most favorable outcome possible.
In this article, let’s take a look at three vital issues you need to consider before a high net worth divorce in Austin, Texas.
Separate Property vs. Community Property
Under Texas law, all the property you own – as well as your spouse owns – is presumed to be community property – which is meant to be divided in a just manner in the event of a divorce. If a property in question is separate (owned entirely by you), you need to prove it with sufficient evidence. So, contact an Austin high net worth divorce attorney as soon as you can so that they can gather the evidence needed to prove the ‘separate’ character of your assets. If you are updating ownership of an account, you may need a Texas QDRO attorney.
Child Support
Texas Family Code has guidelines to calculate child support for parents who earn up to $9,200 per month. Assuming a person only has one child, their child support payment cannot exceed $1,840 per month (20% of $9,200).
However, if you are a high net worth individual, the court might order you to make additional payments – above and beyond the stipulated child support amount – based on what are called the ‘proven needs’ of your child.
This is where you need the assistance of a skilled Austin high net worth divorce attorney, as your spouse might try to exaggerate your child’s proven needs – which might include the cost of tutoring expenses, preparatory courses, summer camp, nanny or maid, pets, vacations, extracurricular activities, and many more.
If you believe that your spouse’s child support demands are unreasonable, you should let your Austin high net worth divorce attorney negotiate with them and try to find common ground on what could be a reasonable amount. If, on the other hand, you are ordered to pay an unreasonably high amount of child support by the court, you can file an appeal with the help of your attorney and get your order modified.
Tax Consequences
In a high net worth divorce, every financial decision you make will have tax consequences. So, it is important to consult with a tax professional before making any financial decision regarding your divorce.
Looking For a Skilled Austin High Net Worth Divorce Attorney?
High net worth divorce cases can be too complicated to handle for a regular divorce attorney. Attorney Eric M. Willie P.C. has over two decades of experience in handling high net worth, high profile divorce cases involving substantial amounts of assets. He can fight for your rights and interests, guide you through the legal complexities, and help you make the right decisions throughout the divorce process.
To discuss your divorce case with experienced Austin high net worth divorce attorney Eric M. Willie P.C., call us today at 512-478-0834 or reach us online to request a free consultation.