High Asset Divorce Attorney
A high net worth divorce is a divorce that involves significant assets. The parties in such divorces have high net worth and own complex estates such as offshore or foreign assets. Fundamentally, a high net worth divorce is not different from a normal divorce, except for the considerable assets that make these divorce cases more complex. High net worth divorce cases also take longer to complete because of the high potential for the parties involved to contest hotly while defending their stake in the community property. You need a high net worth divorce lawyer to help you navigate your divorce if you have assets of significant value.
You Need A Lawyer For Valuing And Dividing High Net Worth Marital Estates
An experienced high net worth divorce attorney knows how to locate and value businesses and other marital assets. Some of the valuable assets in a high net worth divorce include:
- Publicly and privately help companies
- 401k plans
- Professional licenses
- Foreign and domestic real estate
- Oil and mineral rights royalties
- Patents and intellectual property
Your legal team can classify the property to determine property that is subject to division and then perform a thorough valuation of the estate. Your lawyer can do this with the help of experts such as financial planners, public accountants, investigators, and other experts. Remember that, during property division negotiations, stock options and retirement assets may be considered.
Community Property Vs Separate Property
Generally, any property you acquired prior to the marriage is considered separate property while the property you acquired while in the marriage is community property. In Houston, you have to provide proof that a certain property you own is separate property or else the property will be presumed to be community property. Community property is subject to division during a divorce but separate property is not. Your high net worth divorce lawyer can help you gather evidence so that you can protect that property. Any gifts you acquired during the marriage is also considered as separate property.
Can Your Spouse Hide Assets?
There are spouses that do all they can to try and hide some of the marital property in order to preserve their wealth. Some spouses start hiding funds offshore, using trusts, joint partnerships and more, months before they actually file for divorce. Fortunately, an experienced high net worth lawyer can properly request for all relevant information during the discovery stage of your divorce to prevent your spouse from successfully hiding assets. Your lawyer can also use the services of a forensic CPA. The Forensic CPA can review your spouse’s personal financial books and other books to uncover whether assets have been concealed.
What About Child Support and Alimony?
Most often in high net worth divorce cases, one spouse has been dependent financially on the high earning spouse during the marriage. That means that spousal support or alimony may be awarded to the dependent spouse during divorce. The calculations of child support are often more complicated in high net worth divorce cases because of the expensive lifestyle the minor children were accustomed to during the marriage.