All divorces are complex, but when one of the spouses has a high net worth, it is important to plan everything carefully for the moment when marital assets are divided. An experienced high net worth divorce lawyer in The Woodlands is the right ally to have on your side during this period.
Here are some considerations to protect your personal property and obtain a fair deal in after asset division:
Evaluate Tax Impact with a Specialist
The most valuable assets involved in a high net worth divorce are:
- Real estate property
- Investment portfolios
- Businesses and professional practices
- 401(k) retirement accounts
- Savings accounts
Dividing these assets under the community property principle applicable in Texas may have serious tax implications related to capital gains and losses, debt carryovers and so on. Working with a skilled tax consultant is essential to make sure that the tax implications are fairly split among both spouses and with a minimal impact on their future finances.
Determine the Best Solution for Protecting Your Business after Divorce
Your business will most certainly be included in the mass of marital assets. Texas law considers that, through their support and household services, your spouse contributed to the success of your professional practice or company.
Your attorney will help you choose the best option to keep all your business assets after the divorce. This may involve:
- Buying your spouse’s interest in the business
- Offering an asset of equal value to their share of the business assets
- Negotiating other agreements that would ensure you maintain control over the business
Enlist the Assistance of a Forensic Accountant
A forensic accountant’s assistance is extremely valuable in a high net worth divorce. They can make an accurate evaluation of the incomes and debts of both spouses and determine what may be deemed separate property instead of marital asset.
However, the most important contribution of a forensic accountant in a divorce is identifying a pattern of asset hiding by one of the spouses. These cases are more frequent than you may imagine. Some people prepare their way out of a marriage for months or years and try to walk away with as many assets as possible by:
- Moving money to offshore accounts
- Opening a new business venture which starts accumulating debt
- Gifting valuables to family members and friends
- Loaning large amounts of money to family members and friends
- Secretly purchasing real estate property abroad
- Buying cryptocurrency.
Hiring an experienced high net worth divorce lawyer in The Woodlands is the best decision for uncovering these unfair and illegal actions. Attorneys have a wide network of experts, including forensic accountants, whom they can contact in specific situations.
Find an Attorney Who Knows How to Handle Sensitive Information
A high net worth divorce often involves successful professionals and public personalities. This means that the lawyer will have access to highly sensitive information, from trade secrets to personal details from the couple’s private life.
This is why you must look for an attorney with relevant experience in high net worth divorce cases. These lawyers know how to protect sensitive information, going above and beyond the standard confidentiality privilege between attorney and client.
Consult with an Experienced High Net Worth Divorce Lawyer in The Woodlands!
Going through a divorce is stressful enough without the added burden of trying to protect your business and other valuable assets. An experienced high net worth divorce lawyer in The Woodlands at Bolton Law will help you find the best strategy to protect your separate property and obtain a fair share of the marital assets.
We encourage you to contact us to schedule an initial appointment with us as soon as possible after filing for divorce: 281-519-2287!
