Making the decision to divorce is never simple. From a legal standpoint, there are no fundamental differences between average-income divorces and high-asset divorces. However, during divorce proceedings for spouses with considerable assets, the division of property often presents considerable hurdles to overcome. The process is also usually more time-consuming, emotionally charged, and requires ongoing litigation with seasoned divorce attorneys.
When you need someone to advocate aggressively on your behalf during negotiations and in the courtroom, schedule to meet with a seasoned Frisco high-asset divorce lawyer.
High-asset divorces typically involve the dissolution of marriage for couples with over $1 million in assets and property of various types as well as those with complicated tax issues. High net-worth divorces may require the division of property, including:
High net-worth divorces are the ending of a legal contract and are often equivalent to breaking up a large corporation. The couple may need assistance from specialists, accountants, and professional appraisers for hard-to-value property, also called unique assets. A Frisco high-asset divorce attorney could provide sound legal advice and work toward a fair outcome.
The movement and division of significant sums of money or high-valued property can lead to specific tax issues. Divorcing spouses need assistance from tax specialists to avoid unnecessary penalties and ensure both parties receive their equitable share of property and assets.
Most property acquired from the date of marriage until entering into a legal separation agreement or filing for divorce is community property. While that may sound straightforward, it can get complex—especially for affluent couples.
According to the Texas Family Code § 3.001, only property obtained before the marriage or inheritances, gifts, or personal injury settlements received during the marriage are separate property. Additionally, if community funds were used to pay a mortgage for separately owned property, a spouse can ask for a reimbursement of the marital funds.
A divorcing couple will want to ensure they each receive a fair and just amount of community assets during the division of property proceedings. Some unique issues the couples must address often include:
Some situations may also require extensive investigation to ensure one of the divorcing spouses is not hiding assets. A high-asset divorce attorney in Frisco has the experience to guide individuals through the procedure, including hiring forensic accountants or other specialists if necessary.
Divorces involving significant wealth have unique challenges to overcome. They can also be more contested, stressful, and emotionally charged.
The most effective way to protect your best interests is to know your rights and defend them relentlessly. Schedule a consultation with a Frisco high-asset divorce lawyer when you need help protecting your assets and your future.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.