High Net-Worth Divorce Lawyer in Porter

What Is at Stake During a High-Net-Worth Divorce?

If you and your spouse have a high-net-worth and you know you’re getting a divorce, you could feel trapped because of all the assets, investments, enterprises, and other things you run or are a part of. Knowing the issues of a high-net-worth divorce will help you prepare for what’s to come.

During a high-net-worth divorce, the following things are at stake:

Business Interests

In a divorce involving a high net-worth couple, the settlement may include ownership interests in one or more enterprises. It’s crucial to carefully consider how to evaluate and distribute commercial interests as part of seeking a divorce. You may need the help of an expert in business valuation.

The court may regard wealth connected to your business as community property to be divided during the divorce. However, if you acquired the business before the marriage, the court might specify it as separate property. Classifying assets, such as business interests, is a crucial step in property division.

Real Estate

Any property you or your spouse owns is real estate. Consider your primary residence, second house, timeshares, rental properties, any additional land or real estate you own, etc. Determining its worth, division, and maintenance will be one aspect of your divorce if you possess real estate.

Financial Issues

When a wealthy couple gets divorced, there are typically many different financial issues and investments to handle. This may complicate and lengthen the divorce procedure. Retirement funds, pensions, checking and savings accounts, stocks, bonds, and possessions kept abroad fall under this category.

Payments and Debts

Mortgages, credit cards, lines of credit, invoices, and loans are included in payments and debts. It can be challenging to resolve all of these issues during a divorce, especially if one of the parties has financial difficulties.

Personal Property

Personal property refers to the possessions you have, such as furniture, artwork, jewelry, cars, etc. You must distribute these assets as part of your divorce unless you have documented prenuptial agreements to the contrary.

Children

Discussing children during a divorce is frequently the process’s most challenging and emotional part. This is because there are multiple issues to address, including child support, parenting time, child custody, college funding, extracurricular activities, and health insurance. The money you spend on your children during a divorce might drastically alter your life, but the time you spend with them is precious.

How Can a Bolton Law Help Me With My High Net-Worth Divorce?

Typically, it is pretty challenging to handle a high net-worth divorce without a lawyer’s assistance. A high net-worth divorce lawyer in Porter can help you with the following tasks:

Correctly Identify Assets

Assets must be classified as separate or community property during a divorce. Only assets classified as community property will be divided during a divorce. It may be more challenging to identify assets when a couple is wealthy.

For instance, depending on factors like when they are vested and granted, one spouse’s stock options may get divided. Determining if business interests are shared or separate property could prove tricky. Plans for future payments that are deemed to be common property could also be problematic.

You could receive an unjust property settlement if assets are not correctly classified.

Properly Valuate Assets

Determining the value of the assets is necessary to divide the property fairly. Owners of pricey or opulent objects may contact a third-party appraiser to assist them in determining the value of their possessions. Depending on the asset, several financial assessors may be needed.

Determining the value of a business can also require the assistance of a financial professional. Couples may strongly disagree about how to divide assets. In such a situation, an attorney can help valuate the property and distribute it between the two spouses.

Help You to Avoid Emotionally Charged Decisions

It’s far too simple to make snap judgments while emotions are high without considering the long-term implications. In the long run, your finances may suffer if you decide based solely on emotions and agree to give up more property than you should. Even while you may believe that your decision will make things simpler for you in the short run, it could result in a more extended and more challenging battle.

A professional marital division lawyer can help you maintain composure, understand the situation, and have a strategy when dealing with a high net-worth divorce. At Bolton Law, we can assist you in making judgments that are in your best interests based on strategy and facts.

How Do I Know I Need a High Net-Worth Divorce Lawyer?

While Texas is a “community” property state, meaning that shared marital property should be divided fairly and reasonably. If a 50/50 split significantly harms one spouse, the court can decide otherwise if it’s in everyone’s best interests. This may be crucial in a high-net-worth divorce where a 50/50 division would place one partner in a challenging financial condition.

There are frequently complicated financial issues at play in divorces between wealthy couples. Here are three signs you should seek help from a high net-worth divorce attorney.

You Have Significant Assets

If you and your spouse have accumulated a large amount of wealth over the course of your marriage, it’s important to work with a lawyer who knows how to protect your interests. A high net-worth divorce lawyer will be familiar with the unique challenges involved in dividing complex assets, such as businesses, investment portfolios, and real estate holdings.

You Suspect Your Spouse Has Hidden Assets

If your spouse has hidden assets, you’ll need a divorce lawyer who knows how to track down these hidden assets and ensure that they are properly valuated. A high net-worth divorce lawyer will have the resources and experience necessary to conduct a thorough investigation into your spouse’s financial affairs.

Complex Finances

Many high-net-worth individuals have assets that are not easily identified, valuated, and liquidated, making property division in a divorce very complex. For example, they may own property in different states or countries, have interests in private businesses, or hold significant investments in stocks and bonds.

Bolton Law has successfully mediated fair settlements and helped spouses avoid going to trial in numerous complex high-net-worth divorce situations.

Consider protecting your rights and privacy by hiring a skilled lawyer who understands how to stay out of the spotlight, avoid unnecessary controversy, and limit discovery. At Bolton Law, we will be glad to craft a unique strategy for litigation, depending on your goals.