Everyone finds divorce difficult, especially when it is a high net-worth divorce. When one or both spouses have high net-worth assets, property division is complicated and often contentious. The biggest concerns in a high net-worth divorce are often asset division and paying alimony or spousal support.
Are you concerned about the impact of a high net-worth divorce on your finances and assets? In this situation, hiring a high net-worth divorce lawyer in Porter, Texas is critical. You can rely on Bolton Law for experienced legal assistance.
What Does a High Net-Worth Divorce Lawyer Do?
Divorce can be challenging, especially in cases where both parties are high net-worth individuals. Solving issues like these is exceedingly difficult without the assistance of a skilled high net-worth divorce lawyer. Our attorneys at Bolton Law in Porter, Texas can help you to:
A wealthy couple may own numerous residences, vehicles, enterprises, and other assets. The courts determine the most equitable way to divide marital property according to Texas community property laws. This does not always imply that in the event of a divorce, the assets will be split 50/50.
The length of the marriage, the standard of living the couple enjoyed while married, the recipient spouse’s actual financial needs, and the marital and non-marital assets of each spouse are all taken into account while determining alimony. The spouse’s age, state of health, and income potential are further considerations.
Calculate Child Support
It might be challenging to determine how much child support to pay in a high-asset divorce. Texas courts decide child support based on the combined income of both parents.
How Do I Know I Need a High Net-Worth Divorce Lawyer?
While Texas is a “community” property state, meaning that shared marital property should be divided fairly and reasonably. If a 50/50 split significantly harms one spouse, the court can decide otherwise if it’s in everyone’s best interests. This may be crucial in a high-net-worth divorce where a 50/50 division would place one partner in a challenging financial condition.
There are frequently complicated financial issues at play in divorces between wealthy couples. Here are three signs you should seek help from a high net-worth divorce attorney.
You Have Significant Assets
If you and your spouse have accumulated a large amount of wealth over the course of your marriage, it’s important to work with a lawyer who knows how to protect your interests. A high net-worth divorce lawyer will be familiar with the unique challenges involved in dividing complex assets, such as businesses, investment portfolios, and real estate holdings.
You Suspect Your Spouse Has Hidden Assets
If your spouse has hidden assets, you’ll need a divorce lawyer who knows how to track down these hidden assets and ensure that they are properly valuated. A high net-worth divorce lawyer will have the resources and experience necessary to conduct a thorough investigation into your spouse’s financial affairs.
Many high-net-worth individuals have assets that are not easily identified, valuated, and liquidated, making property division in a divorce very complex. For example, they may own property in different states or countries, have interests in private businesses, or hold significant investments in stocks and bonds.
Bolton Law has successfully mediated fair settlements and helped spouses avoid going to trial in numerous complex high-net-worth divorce situations.
Consider protecting your rights and privacy by hiring a skilled lawyer who understands how to stay out of the spotlight, avoid unnecessary controversy, and limit discovery. At Bolton Law, we will be glad to craft a unique strategy for litigation, depending on your goals.
What Is at Stake During a High-Net-Worth Divorce?
If you and your spouse have a high-net-worth and you know you’re getting a divorce, you could feel trapped because of all the assets, investments, enterprises, and other things you run or are a part of. Knowing the issues of a high-net-worth divorce will help you prepare for what’s to come.
During a high-net-worth divorce, the following things are at stake:
In a divorce involving a high net-worth couple, the settlement may include ownership interests in one or more enterprises. It’s crucial to carefully consider how to evaluate and distribute commercial interests as part of seeking a divorce. You may need the help of an expert in business valuation.
The court may regard wealth connected to your business as community property to be divided during the divorce. However, if you acquired the business before the marriage, the court might specify it as separate property. Classifying assets, such as business interests, is a crucial step in property division.
Any property you or your spouse owns is real estate. Consider your primary residence, second house, timeshares, rental properties, any additional land or real estate you own, etc. Determining its worth, division, and maintenance will be one aspect of your divorce if you possess real estate.
When a wealthy couple gets divorced, there are typically many different financial issues and investments to handle. This may complicate and lengthen the divorce procedure. Retirement funds, pensions, checking and savings accounts, stocks, bonds, and possessions kept abroad fall under this category.
Payments and Debts
Mortgages, credit cards, lines of credit, invoices, and loans are included in payments and debts. It can be challenging to resolve all of these issues during a divorce, especially if one of the parties has financial difficulties.
Personal property refers to the possessions you have, such as furniture, artwork, jewelry, cars, etc. You must distribute these assets as part of your divorce unless you have documented prenuptial agreements to the contrary.
Discussing children during a divorce is frequently the process’s most challenging and emotional part. This is because there are multiple issues to address, including child support, parenting time, child custody, college funding, extracurricular activities, and health insurance. The money you spend on your children during a divorce might drastically alter your life, but the time you spend with them is precious.
How Can a Bolton Law Help Me With My High Net-Worth Divorce?
Typically, it is pretty challenging to handle a high net-worth divorce without a lawyer’s assistance. A high net-worth divorce lawyer in Porter can help you with the following tasks:
Correctly Identify Assets
Assets must be classified as separate or community property during a divorce. Only assets classified as community property will be divided during a divorce. It may be more challenging to identify assets when a couple is wealthy.
For instance, depending on factors like when they are vested and granted, one spouse’s stock options may get divided. Determining if business interests are shared or separate property could prove tricky. Plans for future payments that are deemed to be common property could also be problematic.
You could receive an unjust property settlement if assets are not correctly classified.
Properly Valuate Assets
Determining the value of the assets is necessary to divide the property fairly. Owners of pricey or opulent objects may contact a third-party appraiser to assist them in determining the value of their possessions. Depending on the asset, several financial assessors may be needed.
Determining the value of a business can also require the assistance of a financial professional. Couples may strongly disagree about how to divide assets. In such a situation, an attorney can help valuate the property and distribute it between the two spouses.
Help You to Avoid Emotionally Charged Decisions
It’s far too simple to make snap judgments while emotions are high without considering the long-term implications. In the long run, your finances may suffer if you decide based solely on emotions and agree to give up more property than you should. Even while you may believe that your decision will make things simpler for you in the short run, it could result in a more extended and more challenging battle.
A professional marital division lawyer can help you maintain composure, understand the situation, and have a strategy when dealing with a high net-worth divorce. At Bolton Law, we can assist you in making judgments that are in your best interests based on strategy and facts.
Exceptional High Net-Worth Divorce Lawyer in Porter, TX
Divorce can be extremely difficult and stressful, and a high net-worth divorce is even more complicated. A high net-worth divorce lawyer in Porter has the knowledge and skills to protect interests and assets when there is a lot on the line. At Bolton Law, we are experts in helping wealthy Texas residents with matters like creating pre-and post-nuptial agreements and negotiating divorce settlements.
Our expertise, dedication, and thorough understanding of complex financial matters make Bolton Law the go-to divorce law firm for high-asset divorce cases in Porter, TX. Our experience in asset division and property valuation assures you of top-tier legal representation in divorce matters.