Divorce is an inherently complex and emotionally charged process and with high-value assets in the mix, matters can get more complicated. High net worth divorces tend to be usually far more time-consuming and potentially more contentious with each spouse looking to fight for his/her share of the marital estate.
If you and your spouse are high-income earners and have possibly accumulated significant amounts of assets and property, you shouldn’t assume that what works for the vast majority of divorcing spouses when it comes to property division will automatically work for you in your divorce. That’s why you need to hire the right high net-worth divorce lawyer in New Caney to represent you.
At Bolton Law in New Caney, Texas, we are familiar with and skilled at handling challenges unique to high net worth divorces. For experienced and knowledgeable representation, call our firm at 281-351-7897 to schedule an initial consultation with our experienced New Caney divorce lawyers. You can always count on us for strong representation and well-informed advice.
What Does a High Net-Worth Divorce Lawyer Do?
Divorces tend to be emotionally challenging and sometimes legally complex, particularly when they involve individuals that may have substantial amounts of assets. It is due to this reason that our high-net-worth divorce lawyers at Bolton Law work with clients to help them understand the full depth of their options along with potential outcomes that may arise from their divorce.
High net-worth divorce lawyers in New Caney, Texas do the following:
- Educating you on Texas property and debt division guidelines.
- Evaluate your finances and determine the likely impact of any potential alimony or child support obligations.
- Explaining how Texas laws and property guidelines are likely to affect the distribution of assets, which include retirement plans such as traditional pensions and IRAs, investments such as offshore holdings, and business interests.
- Working with child custody professionals to develop favorable child custody and visitation plans.
- Exposing whether your spouse may have hidden assets or income sources they may have not revealed during the divorce process, usually with the help of forensic accountants.
- Ensuring that you know about the potentially critical tax implications of various property settlement strategies.
How Do I Know I Need a High Net-Worth Divorce Lawyer?
First, you should understand that there’s no universal definition of what exactly a high net-worth divorce actually is. That’s why the label is generally described as a marital estate containing some of the following marital property assets in some combination:
- Significant cash or near liquid investments, which include mutual funds, bonds, and stocks.
- Multiple retirement accounts, such as IRAS, 457(b), 403(b), 401(k), or military or federal retirement.
- Significant separate property in existence before the marriage or received during the marriage through inheritance, gifts, or as the result of a personal injury award.
- Deferred bonus or compensation structures, which include restricted stock units, stock options, performance shares, or other advanced profit-sharing plans.
- Ownership of real estate beyond the marital residence, such as income-producing real estate, lake houses, vacation homes, etc.
- One or multiple closely-held business ventures, professional associations, S corporations, PLLCs, or other entities.
Estates containing some or all of the types of assets listed above usually create special challenges for the divorcing couple. Not all divorce lawyers have the experience required to help clients navigate such issues successfully. If any of the above types of assets apply to you and you are contemplating divorce, you need a high net-worth divorce lawyer in New Caney, TX such as those at Bolton Law.
What Is at Stake During a High Net-Worth Divorce?
A high net-worth divorce is considerably different from a typical divorce case. A high-net-worth couple will have unique challenges, goals, and issues associated with their divorce case. For example, with significant marital assets often comes greater property division disputes.
If the couple jointly owns assets, such as a business, the divorce may impact business operations. It is always important to discuss with your lawyer all the issues you are likely to encounter in a high-net-worth divorce before you begin the legal process.
Here are some of the things that are typically at stake during a high net-worth divorce:
Prenuptial or Postnuptial Agreements
High net-worth divorces usually involve prenuptial or postnuptial agreements for protecting a spouse’s assets. If there’s a dispute, the courts will look at the terms of those agreements to verify the rules governing them.
Tax Considerations During Asset Transfer
If the divorce results in you having to transfer assets, you will need to consider what this is likely to do for your income taxes. Assets transferred between spouses during divorce are treated as gifts and are exempt from federal income tax.
Hidden Assets or the Failure by a Spouse to Disclose Assets Properly
High net-worth divorces may also involve one spouse trying to hide their assets. The said spouse may fail to fully disclose their income or transfer assets to an offshore account.
Determining an Accurate Valuation of Assets
It is important to accurately evaluate the worth of your assets when it comes to a high net-worth divorce. You may have to hire experts to properly calculate the values of your properties, accounts, collectibles, businesses, and real estate, among other assets.
Valuation and Division of Business Interests
If the high net-worth couple jointly owns businesses, the court will have to consider a full valuation of what the business is worth. The couple or a judge will then have to divide the business interests between each of the spouses.
Calculating Spousal Support and/or Child Support
Child and spousal support payments tend to be steep in high net-worth divorces. The courts typically assign these amounts using special calculations as well as determining what is suitable for the situation.
Marital Property Division Disputes
Property division is perhaps one of the most common disputes in high-net-worth divorces. Texas uses a unique methodology when it comes to dividing marital property.
Now that you know what are some of the things that are at stake during a high-net-worth divorce, you should prepare for these issues by hiring the right lawyer. Fortunately, you don’t need to look far and wide for such lawyers.
At Bolton Law in New Caney, TX, we have experience helping high-net-worth couples with high-dollar assets, businesses, and multiple pieces of real estate. We have special tools and the personnel required to provide customized solutions. Call us today at 281-351-7897 to set up an appointment to discuss all the issues associated with your high net-worth divorce case.
How Can Bolton Law Help Me With My High Net-Worth Divorce?
Divorces are usually complicated, even if both parties agree on child custody, property division, and most of the other aspects. However, everything becomes much trickier when dealing with a high net-worth divorce. That’s why you need to hire the right lawyer who will make sure that only your best interests are being served.
Here are some of the ways your high net-worth divorce lawyer in New Caney can help:
Correct Identification of Assets
Texas is a community property state, which means that money earned and the property acquired during the marriage are equally split between the spouses. Debt that’s incurred over the course of the marriage is also usually divided between both spouses. Property acquired prior to the marriage is considered separate property and isn’t split between spouses.
Our New Caney high net-worth divorce lawyers will help you correctly review all assets including real estate, retirement accounts, art, jewelry, bank accounts, business valuations, boats, planes, cars, art, investments, etc. Our knowledgeable lawyers can also help you determine which assets are community assets and which ones are separate.
Proper Valuation of Assets
Ensuring that various physical assets and real properties are properly valuated is one of the most important services provided by high net-worth divorce attorneys. Proper valuation ensures that each of the divorcing parties receives an equitable share.
To protect the interests of the person they are representing, a dedicated attorney may also work with a forensic accountant to track down and evaluate assets that one spouse either intentionally or inadvertently failed to disclose on their own.
Help to Avoid Emotionally Charged Decisions
Divorce can be a very emotional event and tensions can quickly rise especially when dealing with high-value assets. Lawyers often advise clients about the importance of keeping their emotions in check to avoid making the process far more complicated than it needs to be.
Experienced high-net-worth divorce lawyers will help you avoid excessive emotions with good communication, good cooperation, and trust in your part that all is being done so that you may end up with a favorable divorce resolution.
Need a High Net-Worth Divorce Lawyer in New Caney, TX? Call Us Today!
If you are in the middle of a high-net-worth divorce, the experienced legal team at Bolton Law in New Caney, TX can offer the advice and guidance needed to navigate it smoothly. You can always count on our insight and knowledge to secure the most favorable results for your divorce case.
Our expertise in high-net-worth cases makes it simple for you to choose representation with our team. Our goal is to make sure that the divorce leaves you as much as possible when it comes to personal assets.
Call us today at 281-351-7897 to set up a consultation with a member of our team to get started on your case.