Divorce can be a difficult process, especially if you and your spouse have a substantial number of assets. Emotions are usually running high and both parties are trying to make sure they receive a fair deal. Couples who share a high net worth face certain challenges unique to their situation.
Establishing Separate & Community Property
The higher the net worth of a couple, the more likely they will have a high volume of assets to divide. In such cases, the use of a forensic accountant is often encouraged so both parties can uncover hidden assets the other could have stashed away. It is important to begin this process before the divorce proceedings officially begin. That way, there is a greater chance of cataloging community assets before either party attempts to hide them.
Separate property refers to all wealth and/or items a person acquired before the marriage took place. Traditionally, separate property isn’t included when the assets are divided, but if any of this property was used to benefit the marriage it can be considered community property. For example, if one spouse uses their personal finances to support a business they share with the other spouse, that sum of money could be considered community property.
Out-of-State & International Assets
High net worth individuals usually have property or business in other countries and states. This often causes issues or tax consequences for divorcing couples. An attorney knowledgeable in complex asset division can help you and your spouse ensure the division of these out-of-state assets goes as smoothly as possible.
Child & Spousal Support
How much spousal and/or child support one spouse receives depends entirely on the amount of money they earn each year. If one spouse has a high net worth and has been solely supporting the other, the receiving spouse has a greater chance of a high payment.
The intention of child support is to meet the financial needs of any children involved in the divorce, including::
- medical insurance;
- medical payments;
- food; and/or
- extracurricular activities.
Texas’ child support rules are based on a person’s monthly income. The monthly amount considered for a child support award is $8,550, but special considerations can be made if the child’s needs prove to exceed this amount.
Texas spousal maintenance awards are only granted in limited situations. The aim of this type of award is to bridge the gap between the divorce and self-sufficiency. Award types and amounts depend entirely on each divorce case.
Helping You Divide Assets Amicably
At the offices of Cynthia Tracy, Attorney at Law, P.C., our high net worth divorce attorney will help you retain your rightfully earned assets. We have over 35 years of combined family law experience and know how to navigate the complex legal proceedings of a high net worth divorce.
Contact our firm online or call us at (281) 612-5443 for a case evaluation.