A high net worth divorce is one in which marital assets total a million dollars or more of liquid assets. They are not always in cash and can include real estate, domestic and international assets, and shares in one or more businesses. Because of their complexity, it’s important to find an attorney who can work to preserve your assets or ensure that you leave the marriage with the means to become self-sufficient again.
If you or your spouse came into the marriage with a higher amount of assets or acquired a significant amount of assets during the period of the marriage, the divorce will be complicated. This will include assets such as retirement accounts like a 401(k), investments such as stocks and bonds, inheritances, jewelry, art, and real estate.
High Stakes: Community vs. Separate Property
A high net worth divorce will require financial experts, including forensic accountants, to determine the entire value of the marital estate.
Assets brought into the marriage by one party generally stay with them. For instance, one party’s real estate holdings—such as rental property—would be considered separate property. But the income generated by that rental property may become part of the marital estate, and subject to community property rules.
Businesses that are either owned by one party prior to the marriage or started by both parties after the date of marriage will be subject to valuation to determine whether it is community property, or part of it belongs to the marital estate.
This can be established ahead of time in a prenuptial or postnuptial agreement. Otherwise, both parties will need to prove ownership of any separate property.
Spousal And Child Support
No matter who the parents are, Texas courts want to ensure that children receive full support from both parents. This includes those from high-net-worth families.
Spousal support, commonly known as “alimony,” is not automatically awarded, and must be requested. If one spouse is financially dependent on the other, they can request spousal support. Texas courts generally award support only for a specified period.
Much will depend on the length of the marriage (>10 years), the circumstances of the divorce, such as domestic violence, abuse, or adultery, and the age, education, and abilities of the dependent spouse. For instance, a disabled spouse may not be able to go back into the workforce after the marriage, or cares for a disabled child, and can request support.
Get Help With A High Net Worth Divorce In Fort Worth
Wendy L. Hart has been helping people in the Fort Worth area with all their family law issues since 2001. She represents both men and women in all aspects of divorce, including spousal and child support matters.
Visit our Mansfield office at 2363 Highway 287 N, Suite 108, use our online contact form, or call us at (817) 842-2336. Don’t try to handle a divorce, spousal maintenance, or other family law matters by yourself. Contact The Law Office of Wendy L. Hart and get the help you need.