High Net-Worth Divorce in The Woodlands: Key Considerations

A high net-worth divorce can be extremely complex and end up with frustrations for both spouses, if it is not carefully planned and executed. This is why you don’t need just any attorney, but a divorce lawyer in The Woodlands who knows exactly what the process involves.

Here are some of the most important considerations for both spouses during this challenging time:

1. Asset Valuation

High net-worth couples often accumulate a multitude of assets, varying from artwork to vacation homes abroad. There are also investment portfolios, cryptocurrency holdings and other valuables to consider.

To ensure that each spouse gets a fair share of the marital assets, it is essential to perform an accurate valuation of all assets. A skilled attorney will find an independent valuator of impeccable reputation, who can be trusted to present a clear and detailed report including the value of all these assets.

2. Dividing a Business or Professional Practice

Entrepreneurs and professionals are among high net-worth individuals. They owe their success to their hard work, talent and dedication. But even though they started their business before getting married, it may still be considered a marital asset.

Courts argue that the household services, emotional support and guidance of the spouse have contributed to the success of the business. They may be entitled to a share of the business assets.

In this difficult situation, a seasoned attorney can identify an asset of similar value to offer the spouse in exchange for relinquishing any claims on the business.

3. Spousal Support

What if only one of the spouses is the high earner, while the other decided to stay at home to look after the children? Or their job does not pay sufficiently to maintain the same standard of living after divorce – within reasonable limits?

In this case, consulting with an experienced divorce lawyer in The Woodlands is essential for determining the fair amount of spousal support. You will need solid grounds to present to the court, because it is not automatically granted in all cases.

high net-worth couples face complex divorce procedures

4. Child Custody

Child custody discussions are always heated. In high net-worth divorce cases, they can be even more difficult, especially if the custodial parent wants to take residence in a property at a considerable distance from the other parent.

Ultimately, if you do not reach a fair agreement through negotiations between your respective attorneys, the judge will determine the custody arrangements – which may be dissatisfactory to both parties, but legally binding.

5. Tax Considerations

Last but not least, you have to consider how the division of assets will affect the taxes each party has to pay after divorce. Your lawyer will recommend an experienced tax consultant to help you understand how to structure the asset division to take advantage of various tax deductions or credits.

Moreover, if you are due to receive valuable assets from your high net-worth income ex-spouse, you must understand how this will influence your future tax returns and what you need to report.

Consult with an Experienced High Net-Worth Divorce Lawyer in The Woodlands!

A high net-worth divorce poses specific complications due to the need to identify, evaluate, and divide many significant assets. You don’t want to get an unfair portion of these assets, so you will need an experienced divorce lawyer in The Woodlands to advocate for your rights.

We will ensure that all the marital assets are correctly disclosed and that you achieve most of the goals you established to help you transition to your post-divorce life.

We encourage you to reach out to us and schedule an initial consultation as soon as possible after deciding to file for divorce: 281-519-2287!

Bolton Law
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Bolton Law, led by board-certified lawyer Ruby Bolton, handles all types of divorce and family law matters.

With decades of combined experience, our team will work tirelessly to get you the outcome you deserve.