Texas High Net Worth Divorce Attorney
Helping Couples with Significant Assets Resolve Issues in Divorce
Divorce is difficult enough without any complications. However, since every marriage is different, each divorce case will have unique issues that will arise and must be properly and efficiently addressed to ensure a positive outcome. One factor that can almost always complicate a divorce is if a couple has especially significant wealth.
If you, your spouse, or the two of you together have substantial assets, it is critical that you carefully choose a divorce attorney who has specific experience handling this type of complex case. There are many issues you will face and there can be a lot of money at stake in each decision you make. At The Vendt Law Firm, P.L.L.C., we have helped many clients successfully navigate the divorce process while maintaining as much of their wealth as possible. Please contact our office for more information about how we can assist you.
Complications in a Divorce with High Net Worth
While having a high net worth can make for an enjoyable marriage and can fund homes, vehicles, travel, and more, that worth can make the divorce process substantially more challenging for many reasons. The following are only some examples of complications that may arise in a high net worth divorce.
Enforcing Prenuptial Agreements
If one or both spouses have wealth or future wealth from trusts or inheritances coming in the future, they often opt to sign a prenuptial agreement1 prior to getting married. These agreements can govern how many different issues are settled in the event the marriage fails. Examples of terms in a prenuptial agreement can include:
- One spouse will only receive a certain amount of money in a property settlement agreement;
- One spouse will only receive a certain amount of spousal support (alimony) or waives the right to any spousal support;
- Certain property and assets will remain as separate property;
- One spouse will have no right to funds from trust distributions or other streams of income;
- One spouse will retain business interests or other specified property.
While you may think that a prenuptial agreement will automatically protect or limit your rights, arguments can be made that a particular agreement is not enforceable or valid. Such arguments can lead to lengthy hearings involving evidence of coercion, fraud, and other allegations.
Dividing property in a high net worth divorce can be challenging because of the amount and variety of property that may be at stake. Simply identifying all of the marital and separate property can be difficult, as one spouse may have better knowledge of the finances than the other. In some cases, one spouse may try to conceal certain funds from the other through secret accounts, gifts to other family members or friends, withdrawals, and other tactics. An experienced high net worth divorce attorney will have resources to identify all of the assets and property to which you are entitled.
Examples of property commonly at issue in such a divorce can include:
- Primary residence and vacation homes;
- Multiple vehicles;
- Multiple bank and money market accounts;
- Extensive securities and investments;
- Interests in various businesses;
- Offshore accounts;
- Jewelry, art, and other valuable collections;
- Extensive personal belongings.
The variety of property can make taking inventory and deciding on a fair division settlement agreement taxing and time-consuming. It is important to have a divorce lawyer who understands complex finances to ensure the best property settlement for you.
Spousal Support and Child Support
In many high net worth marriages, one spouse provides the majority of the financial support and the other may not work at all or may work in a limited capacity. After a divorce, the spouse who stayed home may not have the means to support themselves and their children. Spousal support is intended to provide assistance to a spouse so they do not have to experience financial hardship due to divorce. Spousal support requests in high net worth divorces can be for significant amounts and there is often a battle over this issue.
Child support is generally determined by a formula set out by Texas law.2 However, in cases involving significant wealth, courts have the discretion to stray from the formula and award more support. This is in order to ensure the children continue to enjoy the lifestyle to which they were accustomed, including attending private schools, participating in costly sports and activities, and more. Ensuring that child support determinations are fair is an important part of the divorce process.
Providing the Assistance You Need
Going to battle in court over every issue in a high net worth divorce can deplete your assets and cause you time and stress. Our attorney understands that there are other means to settle these complicated issues including negotiation and mediation. Through these means, we can often facilitate agreements between spouses in a high net worth divorce outside of court, which can avoid airing all of your financial and personal information in the courtroom and can achieve a more efficient result for you.
Contact a Texas High Net Worth Divorce Attorney to Discuss Your Situation
Getting divorced does not have to mean financial ruin or an adversarial battle in court. At The Vendt Law Firm, P.L.L.C., we explore every possible option to efficiently resolve any contested matters in your divorce while preserving your rights to your assets and financial support. Whether you are trying to protect your own property or obtain your fair share of marital property, we have the experience to help you achieve your goals whenever possible.
If you have a high net worth and believe divorce is in your future, time is of the essence. You want to discuss certain actions as soon as possible to avoid any unnecessary complications and ensure your spouse is not taking any wrongful actions to deprive you of funds you deserve. We can advise you of important steps to take pre-divorce to help preserve your rights, so please call our divorce attorney in Sugar Land and Katy at 832-276-9474 today.