High Asset Divorce in Texas

High Asset Divorce Lawyers in Houston

Are you going through a highasset divorce in Houston? If so, it is important to find a knowledgeable attorney who understands the nuances and complexities of these types of cases. A high-asset divorce lawyer can help ensure that your financial interests are properly protected during the process. This post will provide information on what to look for when choosing a high-asset divorce lawyer in Houston.

Qualifications and Experience

When considering a lawyer for your high-asset divorce, it is essential to make sure they have the qualifications and experience needed to handle complex matters such as yours. Look for a lawyer who specializes in family law and has experience handling cases involving substantial assets. Ask potential lawyers for references from past clients and review their professional history.

Specialized Knowledge

It is also important to choose a lawyer who has specialized knowledge when it comes to Texas laws regarding high-asset divorces. Make sure that the lawyer you hire has an understanding of tax implications, debt distribution, spousal support, and other financial issues associated with these kinds of cases.

Comprehensive and Open Communication

Good communication is essential in any matter, but particularly so in a high-asset divorce case. Make sure that your attorney is able to communicate with you effectively and openly about both legal and emotional concerns. Your attorney should be able to provide you with clear guidance during the process and keep you up-to-date on any changes or decisions that need to be made.

Reputation and Reviews

Finally, take some time to research the reputation of your potential lawyer. Read online reviews from previous clients to get an idea of their client service. You may even consider asking colleagues in similar situations if they have any personal experience with a particular lawyer in order to get more insight into their services.

How to Handle a Houston High Asset Divorce

When a marriage is dissolved in Texas, the courts must divide the spouses’ community and quasi-community property in a just and right manner and confirm the spouses’ separate property. To make sure your property settlement is based on accurate information that truly reflects your situation, it is important to have an experienced Houston divorce lawyer on your side.

For couples of high net worth, divorce is a very uncertain time, especially with regard to assets and debts. In order to achieve a fair property settlement, it is important to work with a lawyer who has experience handling large marital estates.

For each spouse, there are likely to be important questions about how to maintain a comfortable lifestyle after divorce. As experienced Houston attorneys, we understand that one of the primary objectives in high-asset divorces is asset protection. Our goal is to preserve as much of the estate as possible so that you and your children can have a smooth transition.

We can help you understand your rights and obligations regarding:

  • Community property and separate property
  • Enforcing or challenging a pre-nuptial or post-nuptial agreement
  • Valuation of professional practices and business assets
  • Division of retirement accounts, such as 401(k) accounts, IRAs and pensions
  • Dealing with hidden assets and marital fraud
  • Child support and spousal maintenance/alimony for affluent couples

High Asset Protection and Divorce

Some of the most common and natural questions people have about divorce revolve around what life will be like afterward. Specifically, what will their lifestyles be like following the process of asset division? Generally speaking, the law tries its best to treat each spouse fairly. But, the system is not perfect, and there are steps you should consider when thinking about how to protect assets for the future.

Pre-Divorce Planning Is Key.

Texas is a community property state, which means that all assets acquired by either spouse during marriage are considered eligible to be divided upon divorce. Therefore, it is critical to structure your marital estate in a way that clearly keeps your separate, individual property apart from community assets.

Working with accountants, QDRO specialists, and other financial experts, our legal team can help you take steps to protect your assets and future lifestyle. Examples of the things that must be considered are:

  • Make sure gifts are titled in your name only and kept separate so that they remain separate property
  • Keeping any inheritance in accounts with only your name and kept separate, as opposed to joint accounts
  • Keeping business assets separate from personal assets
  • How to handle retirement portfolios and investment accounts
  • How should appreciation be handled? What about business goodwill?
  • How will alimony and child support payments affect you?

Identifying Community Property

There is a presumption that every piece of property possessed by either spouse during the course of their marriage is community property. However, there are a number of notable exceptions, including:

  • Property owned or claimed by a spouse before marriage
  • Property acquired during the marriage by gift or inheritance
  • Property acquired via the recovery for personal injuries sustained during the marriage, with the exception of any recovery for lost wages resulting from the injury

In identifying community property during a divorce, complications can arise as a result of property that was not community property becoming community property as a result of actions taken during the marriage. For instance, if a spouse refinances a house during the marriage and both names are placed on the new loan, the house is not considered to be community property.

Business Valuation and Property Division Law in Texas

Texas is a community property state, meaning that property accumulated during the marriage generally must be divided evenly between the spouses to achieve a “just and right” division. Under certain circumstances such as a disparity of earnings or a disparity of separate property, a disproportionate division has been found to be justified.

The divorce of high-wage earners often creates additional unique issues and concerns, including:

  • Classification of property as separate or community property
  • Valuation and division of retirement plans (pensions and 401(k) accounts), stock options and investments
  • Valuation and division of real estate
  • Tracing intentionally or unintentionally hidden assets
  • Potential for existing prenuptial or post-marital agreements
  • Valuation of ownership in a family business and division that allows for the business to continue

It is crucial that high net-worth individuals have the assistance of attorneys experienced in handling complex property divisions when they divorce.

Complex Divorce Cases

Privacy and release of financial details to the public is a common concern for individuals with high earnings and who have accumulated a high net worth, as divorce settlements are often reflected in records that are available to the public. To accommodate these needs, we are able to negotiate agreements incident to the divorce that will not become public record.

Alternatively, collaborative law and mediation also allow for the parties to create a divorce settlement that better reflects their individual needs and concerns and protects their privacy, all while saving time and money.

FAQs on High Asset Divorces

What is considered high net worth divorce in Texas?

In Texas, a high net worth divorce involves the division of assets of a more substantial value than that of a typical divorce. The parties involved may have complex financial arrangements or significant assets such as business interests, stock options or real property. It is important to consider future needs and expenses when engaging in a high net worth divorce.

What is the average retainer fee for a Divorce Lawyer in Texas?

The average retainer fee for a Divorce Lawyer in Texas typically ranges from $2,000 – $4,500 depending on the level of complexity of the case. This will cover the initial consultation and some basic legal services. Additional fees will apply for more specialized services.

How much can a divorce cost in Texas?

The cost of a divorce in Texas depends on the complexity of the case and the type of assets at stake. Generally speaking, divorces tend to range from a few thousand dollars to tens of thousands of dollars if there are multiple assets to be divided and contested.

What is a wife entitled to in a divorce in Texas?

Texas is an equitable distribution state which means that all assets and liabilities acquired during the marriage are subject to division. In order to ensure both parties receive fair treatment, the courts generally divide marital property in a way that the court deems just and right relative to each party’s economic circumstances. This can include property division, spousal support (alimony) and child support as applicable.

Does my husband have to pay the bills until we are divorced in Texas?

Yes, Texas does require both parties to continue paying bills until the divorce is finalized. This includes mortgage payments, car loans, medical bills, credit card debt, utilities, and other household expenses incurred during the marriage.

What is the 10-year rule in divorce in Texas?

In a Texas divorce, the 10-year rule states that if the spouses have been married for over 10 years, then the period of time between the date of marriage and the date of filing for divorce is considered ‘marital duration’ for purposes of receiving spousal maintenance or alimony.

Does length of marriage affect divorce settlement in Texas?

Yes, the length of the marriage affects the settlement amount by determining which assets are eligible for distribution and whether or not either party is entitled to any form of spousal support or alimony. Generally speaking, the longer the marriage was, the more likely it is that one party will be entitled to additional support or distributions.

How much is spousal alimony in Texas?

Spousal alimony in Texas is determined on a case-by-case basis depending on factors such as length of marriage, income levels and earning capacities of each party, ability to work due to age or health concerns, and contributions each spouse made towards accumulating assets. A court can order temporary spousal maintenance while they decide on a solution or award permanent alimony based on these factors.

Who has to leave the house in a divorce in Texas?

In most cases, one spouse will have to leave the home following the filing for divorce in Texas. The court will determine who should occupy the home for the duration of the process if only one spouse can remain in residence. This decision is typically based on factors such as who earns more income and who stands to benefit more financially from occupying the home pending the finalization of the divorce.

Do I have to support my wife after divorce Texas?

It depends. If your former spouse was awarded spousal maintenance in your divorce agreement then you will be required to provide support until the term or conditions specified by the court are met. If no spousal maintenance was ordered then you will no longer be obligated to provide financial support after the divorce is final.

Can my wife take my inheritance in a divorce Texas?

Under Texas law, inheritances are not considered community property and thus are not subject to division unless specifically waived by your spouse before or during your marriage. However, if funds from an inheritance were used to purchase a jointly owned asset, then those funds may become subject to division upon divorce. Therefore it’s best to obtain legal advice before using inherited funds.

Can I get half of my husband’s retirement in a divorce in Texas?

Depending on whether your husband had already retired before filing for divorce or not, you may be eligible for a portion of his retirement benefits. In many cases this requires conversion of part of his retirement into marital property through qualified domestic relations orders (QDROs). It is best to consult with a divorce lawyer experienced with QDROs to ensure you receive all applicable benefits due you as per your martial agreement.

What is the average age of divorce in Texas?

The average age for divorce among Texans is around 44 years old according to recent statistics released by U.S Census Bureau.

How long do you have to live separately to get a divorce in Texas?

You need to have lived apart from each other for at least 3 consecutive months prior to filing for a divorce in Texas. This requirement can be waived if both spouses agree that reconciliation is impossible or if abuse occurred that led to living separately.

What net worth is considered rich in Texas?

There is no definitive answer as to what constitutes being “rich” since wealth varies greatly depending on individual factors such as age, location, investments, lifestyle, and income sources. However, according to IRS data recently released for 2021, an individual with an income greater than $316,000 would be considered 1% wealthiest.

Is there a cap on alimony in Texas?

No, there is no set cap on alimony payments in Texas though courts do tend to limit how much can be paid at one time according to both parties’ ability to pay.

Does alimony end when you remarry Texas?

Yes, under Texas law, alimony ends automatically upon remarriage or death of either party.

Houston High Asset Divorce Lawyer

Some of the most common and natural questions people have about divorce revolve around what life will be like afterward. Specifically, what will their lifestyles be like following the process of asset division? Generally speaking, the law tries its best to treat each spouse fairly. But, the system is not perfect, and there are steps you should consider when thinking about how to protect assets for the future.

It is essential to choose a divorce lawyer who has experience with high-asset divorces. They could help you with mediation so that you may reach an out-of-court settlement and possibly save a lot of money. If an agreement is not reached, your attorney will need to be ready to present financial evidence at trial. Throughout this trying time, your divorce lawyer will be by your side and a source of support. When looking for a lawyer, look for someone who not only has experience but also has a track record of success.