Posted on February 13, 2018 in Complex Property Litigation

Couples with high assets face a number of unique issues that other divorcing couples do not. This is largely due to the fact that these individuals have a variety of different assets that must be identified, valued, and then divided. In many cases, this also means that the parties own multiple pieces of real estate, including vacation homes, as well as rental properties, which in turn, raises a host of issues.

For instance, both parties may wish to remain in possession of a single property, or one party may wish to sell it and divide the proceeds. However, before these decisions can even be made, the parties will need to obtain an accurate valuation. This can also be a difficult process, as there are a variety of different ways to value property, making it especially important for those who own real estate and are going through a divorce to speak with an experienced Round Rock high asset divorce attorney who can ensure that their property is properly evaluated.

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 Posted on February 06, 2018 in High Asset Divorce

While many people think that the property division process during divorce only involves splitting up assets, such as bank accounts, the family home, or personal property, the reality is that those who are going through a divorce must also divide debt. Like assets, debts are divided based on their status as either community property or separate property, as well as a number of other factors, making it especially important for the divorcing parties to have a firm understanding of the origins of their debts. To ensure that you aren’t saddled with debt that is your spouse’s responsibility, please contact a high asset divorce attorney who has the resources and experience necessary to help you reach a fair settlement.

Marital Debt

Although it is true that debts incurred by one spouse during a marriage are generally presumed to be community property debt, which means that they must be divided equitably upon divorce, Texas law also takes other factors into account when dividing debts. For example, debts incurred during marriage could end up being the responsibility of one spouse if he or she solely incurred the debt. If, for instance, one spouse took out a credit card in his name during his marriage, he will most likely be held solely responsible for that debt, but only if the debt was used to purchase items from which only he benefitted. If, on the other hand, the debt was used to buy necessities, then the debt holder’s spouse becomes indirectly responsible for them, regardless of whether his or her name is actually attached to the debt. What qualifies as a “necessary” depends on the specific circumstances of a case, although at a minimum, necessaries include the following:

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 Posted on January 30, 2018 in QDROs, Pensions and 401(k)s

Many high asset divorces require the division of substantial retirement funds, which in Texas, usually involves the issuance of a Qualified Domestic Relations Order (QDRO). These orders, which are issued by a judge, essentially separate and transfer retirement plans between two parties. In fact, the issuance of a QDRO is often necessary before an employer’s pension plan administrator will even agree to divide a retirement account. QDROs contain valuable information, including how the account will be utilized going forward and how its contents will be divided. If you have retirement benefits that were at least partially accumulated during your marriage, you may need to divide those funds with your ex-spouse upon divorce. To learn more about this process, please contact an experienced high asset divorce attorney who can address your questions and concerns.

Dividing Retirement Funds

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 Posted on January 23, 2018 in Prenuptial Agreements

Many couples who enter into a marriage with significant assets of their own choosing to create a premarital agreement, which ensures that property acquired prior to the marriage will not be divided upon divorce. However, prenuptial agreements are only enforceable in court if they are created in accordance with specific standards, so if you or your future spouse have significant assets, it is critical to speak with an experienced high asset divorce attorney who can ensure that your agreement is valid and will not later be thrown out by the court.

Defenses to Enforcement

There are only a few ways that a person can defeat a premarital agreement, including by proving that:

• The agreement was executed involuntarily; or
• The agreement is unconscionable.

Furthermore, even when an agreement as a whole cannot be invalidated, a provision contained within it can be challenged if it qualifies as a prohibited contractual term.

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 Posted on January 16, 2018 in Family Businesses

Although most people associate divorce with child custody issues, alimony, or deciding who will keep the marital home, many couples who jointly own a family business must also divide the company itself. This requires an in-depth valuation of the business, as well as a determination of whether the company is actually jointly owned. Furthermore, once a couple’s business interests have been appraised and the parties have agreed to a settlement, the business’s actual division will need to take place, which can be difficult, especially for couples with an acrimonious relationship. For help determining the value of your own business and coming to a settlement agreement with your spouse, please contact one of our experienced high asset divorce attorneys today.

Initial Considerations

Before deciding on how to divide a business during divorce proceedings, the couple in question must consider a variety of factors, including:

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 Posted on January 09, 2018 in Complex Divorce

Couples with significant or diverse assets are often required to deal with unique hurdles when going through a divorce. For this reason, many high asset couples are strongly urged to work closely not only with an experienced high asset divorce attorney, but also with a skilled financial team that can help assess the value of the couple’s property. To learn more about what kind of financial advice you may require during a high asset divorce, please call our legal team today.

Types of Financial Experts

Financial teams that assist couples who are going through a divorce often include some or all of the following individuals:

• Forensic accountants;
• Business valuation experts;
• Residential property appraisers;
• Commercial property appraisers;
• Personal property appraisers;
• Certified Public Accountants (CPAs); and
• Certified Financial Planners (CFPs).

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 Posted on December 28, 2017 in High Asset Divorce

Many couples who go through a divorce disagree on what constitutes a fair division of assets. These disagreements can become especially contentious when a couple has a significant amount of assets, or unusual non-traditional property. In these cases, the parties must be able to provide proof of the value of the assets in question to ensure that both individuals receive a fair portion. Unfortunately, this can be a difficult process for certain types of valuable assets, such as fine art, antiques, sports memorabilia, and collectibles, so retaining a high asset divorce attorney who has the resources and experience necessary to grapple with these kinds of issues is critical to the prompt and fair division of property during a divorce.

How Do I Place a Value on Unusual Assets?

Valuation is a key part of the property division process for high asset couples because the amount that each party will receive varies depending on the value of each of their assets. Unfortunately, estimating value for unusual items, such as artwork, can be difficult, as the couple may not even know its actual worth. For this reason, most high asset couples will need to work with an expert appraiser who can inspect the object and then determine how much it would go for at auction.

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 Posted on December 21, 2017 in QDROs, Pensions and 401(k)s

Couples who are going through a high asset divorce often experience certain difficulties that are not faced by other couples. For instance, because the parties in these situations have a wide range of assets to divide, the dissolution process can become much more difficult, especially if the couple disagrees about who should retain what property. Dividing retirement funds can be particularly complicated, so if you and your spouse are going through a divorce and you have questions or concerns about dividing the contents of a retirement fund or pension, it is critical to speak with an experienced high asset divorce attorney who can ensure that you receive an equitable portion of your family’s assets.

The Importance of Accurate Record-Keeping

Unlike other types of accounts, retirement funds are not always checked on a regular basis. For this reason, many people forget how much has been contributed to their account at any given time. While this may not cause any serious difficulties in a person’s day to day life, it can become a problem during a divorce when having accurate and extensive records of account contributions can be instrumental in determining who will receive what portion of an account’s funds. This is because how a court divides a couple’s property depends on when the assets were accumulated. For instance, property owned prior to marriage will remain in the sole possession of the party who purchased or received it. Assets accumulated during the marriage, including the contents of a retirement account, on the other hand, will be divided equitably between the couple.

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 Posted on December 14, 2017 in Child Custody

Although most people have heard of Child Protective Services (CPS), not everyone is aware of their function. CPS is a part of the Texas Department of Family and Protective Services, which is a state agency put in place to ensure that children in Texas are kept safe from neglect and abuse. When someone reports a parent or guardian to CPS, the agency is required by law to investigate the allegations. Unfortunately, many parents are falsely accused of neglecting their children, which can have a traumatizing effect on minors who are then forced to leave their home. If your child has been removed from your home by CPS, you should contact an experienced complex child custody lawyer who can explain your next steps.

Investigations and Court Hearings

When a person has been reported by CPS, they will be assigned a caseworker who will explain the allegations made against them and create a service plan. Eventually, the child’s parents will be required to attend a series of hearings at a Child Protection Court, where they will have the opportunity to refute the allegations made against them. In some cases, the judge will order that a case be sent to mediation or a family group conference instead of resolving the issues at trial. In either case, within two weeks of the date of the child’s removal, the court will hold an adversary hearing, after which the judge will return the child to their parents or place them with a family member.

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 Posted on December 08, 2017 in High Asset Divorce

Although going through a divorce usually tends to be an emotional and complex process regardless of a couple’s finances, those with significant assets are faced with unique problems. For instance, many high assets couples have multiple sources of income, including investments, stocks and bonds, and stakes in businesses, as well as a wide variety of valuable assets ranging from paintings and antiques to automobiles and real estate. In these situations, recording and inventorying all of a couple’s assets can be difficult, especially if one of the spouses is attempting to hide assets. In high asset divorces, it is much easier for a spouse to get away with this type of conduct, so if you are considering divorce and are concerned that your spouse has begun to hide assets, please contact a Round Rock high asset divorce attorney who can assess your financial situation and ensure that your interests are protected.

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