Divorce is an emotionally and financially challenging experience for anyone. When the community estate is large and diversified, the complexities increase because the financial stakes are much higher. Whether it is a matter of property division, child support or alimony, you could stand to gain or lose significantly unless you have a robust legal representation from a skilled Texas high net worth lawyer.
Child Support and Spousal Support
In Texas, child support payments are usually calculated according to set guidelines and formulas, but the calculations based on the standard guidelines are applicable only to parents with a certain income level. However, in high net worth cases, the income of the non-custodial parent may be substantially high.
In this situation, the court will evaluate the kind of lifestyle the child is used to living and may deviate from the guideline amount to protect the child’s best interests. Unless both parties can come to an agreement about a reasonable amount, the court may assign a child support dollar amount that it finds appropriate in the given circumstances.
Spousal support is another vital issue that your Texas high net worth attorney can negotiate on your behalf. In most cases, the marriage must have lasted for at least 10 years before a divorcing spouse becomes eligible to claim spouse support. In a high net worth divorce, the recipient spouse may claim they have much higher financial needs to maintain their lifestyle. The court may award up to $5,000 a month in spousal maintenance in these cases, depending on the situation.
Challenges of Community Property Division
When the financial stakes are high, you need a competent Texas high net worth attorney who is well-versed in handling large and complex property division issues involving assets, such as:
· Business assets in a family business, partnership, or a public company, which may also include intangible assets such as intellectual property and goodwill
· Extensive real estate properties, such as commercial office, vacation homes, timeshares, property outside Texas, or offshore properties
· Professional practice
· Stocks, bonds, mutual funds, ETFs, and cash deposits
· Foreign account holdings and investments
· Large retirement funds, pensions, and severance package
· Trust funds
· Exotic cars, art and antiques, and jewelry
· Complex liabilities and debts
Identifying and Valuing the Community Assets
In a high net worth divorce, one party may be tempted to hide certain community assets, especially if he or she has been planning a divorce for some time. An experienced Texas high net worth lawyer can utilize the legal process of Discovery as well as hire professional forensic accounting experts to locate potential hidden assets.
Professional appraisers for business assets, real estate, and other high value assets such as vintage cars, artwork and jewelry may have to be involved to ensure that all community property is correctly valued. Your attorney may also work with a tax expert to guide you about the potential tax consequences related to spousal support, child support and property division.
Legal Help From a Texas High Net Worth Lawyer
When the stakes are high, you need professional guidance and support from a capable and resourceful law firm like Tyler Flood & Associates, Inc. We have what it takes to protect your rights in a high net worth divorce. To schedule a confidential consultation, call us at 713.224.5529 or contact us online.