Money issues often cause big arguments in a divorce. Splitting assets and property gets tricky, especially when one spouse earns much more than the other.
In Texas, having over $1 million means you have a “high net worth.” This total counts all cash and property one or both partners got while married.
The couple and their lawyers work out which assets are shared and which are not.
Why High Net Worth Divorces Are Different
Assets in a high-net-worth marriage are generally more complicated and are of a greater variety than in someone with a lower net worth. Aside from money, these assets can be anything from real estate, multiple types of investments, businesses, art, antiques, or other items.
The first step is to determine ownership and the total amount of these assets. This may require the assistance of a forensic accountant, real estate appraisers, and other professionals.
Texas is a community property state. Therefore, all marital assets are subject to a roughly 50/50 division, no matter how much the couple has in assets. Anything acquired during the term of the marriage is considered a marital asset. This is true even if the parties never integrated their finances.
Certainly, both spouses’ lawyers will carefully look at the couple’s money situation. They’ll balance any debts against the assets, which might alter the couple’s net worth. They’ll closely check all money records, bank accounts, big buys, and business details.
The Family Business
Sometimes married couples own businesses. This business might be one partner’s job or a joint effort for income. Either way, it counts as a marital asset. Also, if one partner runs the business and its earnings support the couple, that income is a marital asset too.
The business is treated as any other asset, including determining its value. The services of a certified business valuator will determine that value so legal counsel can advise their clients on how to handle it going forward.
Couples have several options for handling a “business divorce.” Selling the business is one option but may not be the best one. Much will depend on the type of business, its value, and the role and contribution of each party in its operations.
Going forward, a couple can:
- Sell the business and split the proceeds accordingly
- Split the ownership interests as a marital asset and co-own/co-run the business
- Have one spouse buy out the other’s interests
Your family law attorney can work with you to determine the best way to handle the business in the future. However, if the parties cannot agree on handling the fate of the business, the court may order it to be sold and the proceeds divided accordingly.
Get Help With A High Net Worth Divorce In Fort Worth
Since 2001, Wendy L. Hart has been assisting couples in the Fort Worth area with their family law needs. She helps both men and women with every part of their divorce, covering things like spousal and child support.
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.
