If you and your spouse acquired significant assets over the course of your marriage, or if you came into the marriage with significant wealth and you are now getting divorced, you must hire a law firm that is capable of preserving your assets. Continue reading and reach out to our The Woodlands, Texas divorce lawyer to learn more about high net worth divorce in Texas and how our firm can assist you.
What is a high net worth divorce?
There is not a set rule that defines a high net worth divorce in Texas. However, a couple with a high net worth, extensive assets, and/or a complicated financial situation will likely constitute a high net worth divorce. Commonly, a couple with assets valued over one million dollars is considered to have a high net worth.
What is at stake in a high net worth divorce?
If you are facing a high net worth divorce, it is crucial that you protect your financial interests by retaining the assistance of an experienced Texas divorce attorney. For high-asset and high-income couples, divorce poses many risks. For example, couples that have established substantial holdings through high-paying occupations, business ventures, and investments may have millions on the line in their divorce proceedings.
If one or both spouses came into the marriage with wealth, any assets brought into the marriage, in many cases, will not be subject to distribution in divorce. However, the process of proving that certain assets qualify as separate property can be complicated. In some circumstances, the community estate will acquire significant interests in assets owned before the marriage.
It is also very important to understand that any property that is considered community property (property that was acquired during the course of the marriage) will be subject to property distribution. That said, there is no requirement that property be divided 50/50 upon divorce. Often, one spouse will receive a greater amount of marital assets than the other during this process. To learn more about property division in Texas, click here.
This is why it is critical that you retain the services of an attorney who has significant experience handling high net worth divorces.
Contact Our The Woodlands, Texas Firm
If you are looking for an expert Montgomery County divorce lawyer, Bolton Law is the right law firm for you. Bolton Law’s legal team handles all family law matters, including divorce, child custody, child support, spousal maintenance, and much more. Contact Bolton Law today to schedule your initial consultation.