High Net Worth Divorces
A divorce involving high value assets can be a long and complicated process. Generally speaking, the more the assets are worth, and the greater the variety of assets (multiple houses, cars, businesses, etc.), the more complex the division becomes. Texas is a “community property state,” meaning that most of the property acquired during the course of the marriage belongs to both spouses. This leads to unique questions of how much things are worth and how they should be divided between the former spouses.
Common Issues Involving High Value Assets
- Spousal support/alimony. Often in high net worth divorces, one spouse has been largely financially dependent on the other spouse for a long time. In these cases, it becomes especially important to determine a fair amount of spousal support or alimony to help the dependent spouse become self-sufficient after the divorce.
- Property division. Another common issue that may arise in these cases is the division of property. While property division is common in divorce, it gets more complicated when multiple properties – such as multiple houses, vacation homes, acres of land, and cars – are involved. This includes determining if a property should be classified as belonging to only one spouse, or to both of them as “community” property.
- Child support. Like alimony, it is important to calculate a fair amount of child support, keeping the child(ren)’s best interests in mind.
- Other assets. This includes discovering the existence of unknown or hidden assets, as well as the division of retirement, investment, and business assets.
Experienced Legal Representation In Divorce Cases
In high net worth cases, it’s important to determine the value of the estate early. The attorneys at Hardy Law Group, PLLC will do everything necessary to protect your assets and personal wealth. Call our Dallas/Fort Worth divorce attorneys today at (817) 887-9158 to discuss your case.