Posted on December 31,2014 in Divorce

In Texas, there are two ways to file for a high-asset divorce—either via fault or no-fault. A no-fault divorce is one in which neither party is being cited for causing the breakup of a marriage. However, if a spouse files for a divorce based on the "fault" of the other spouse, he or she may use one of the following as grounds:

• Cruelty;
• Adultery;
• Conviction of a felony (with a minimum one-year prison sentence); abandonment (for at least one year); living apart (for at least three years); or,
• A spouse has been committed to a mental institution with no hope of recovery.

In many high-asset divorces, adultery is often the grounds for which a spouse will file for divorce. In order to claim adultery, however, there must be proof of infidelity. Moreover, there are several methods available to track an untrustworthy spouse, including hiring a private investigator and using computer software to monitor a spouse's emails, social media accounts, and other computer use.

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 Posted on December 19,2014 in Child Custody

There are many decisions that need to be made when going through a high-asset divorce. Various key issues that divorcing couples face include child custody and support, property and asset division, and spousal support. In addition, even the most "friendly" divorces can suddenly turn contentious when one of these high-priority issues reveal a couple is on opposite ends of the agreement spectrum. Hence, it is critical to consult an aggressive attorney who is experienced in complex divorces.

It is also critical to communicate clearly with your high-asset divorce attorney. He or she is there to represent you, so it is important to articulate your exact wishes. Make sure your attorney is aware of what you feel is appropriate when it comes to equitable distribution of a marital estate and spousal support. Also, it is okay to say "no" to a suggestion your attorney makes, after carefully considering what he or she suggests. Share your reasons why you feel the suggestion is not the right course of action for you. But remember, the whole key to negotiating is that you often have to give up something in order to receive something else you want more.

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 Posted on December 12,2014 in Divorce

When a person goes through a high-asset divorce, there are always adjustments that will need to be made—both personally and financially. This can be particularly true if one spouse was the primary or sole breadwinner in the family and the majority of the couple's income came from that spouse's earnings.

Traditionally, it is the wife who may be hardest hit financially after a high-asset divorce. Statistics from the U.S. Bureau of Labor Statistics reveal that women only earn 77 cents to every dollar that is earned by men. After divorce, according to the U.S. Census Bureau, a woman's income decreases by almost 40 percent. This can exacerbate an already stressful economic situation.

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 Posted on December 05,2014 in Complex Divorce

It is all too common, especially in a high-asset divorce, for one spouse to attempt to hide assets and property from the other spouse in an effort to deprive that spouse of his or her fair share of the marital estate. According to one survey, in two out of three marriages, at least one spouse is hiding assets from the other.

Typically, a spouse who is hiding the assets implemented a plan to do so long before the decision to divorce was "official" between the two. This deception can be done in a number of ways, including transferring assets in other family members or friends names, secret accounts, and safe deposit boxes. It was not so long ago that trying to uncover hidden assets was almost impossible; however, with the technology available today, as well as required legal documentation because of federal laws such as the Patriot Act, it is almost impossible to not leave some kind of electronic footprint of asset transfers.

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 Posted on November 28,2014 in High Asset Divorce

When involved in a high-asset divorce, there are key issues which top the list of importance. Child custody may be number one if a divorcing couple has young children. However, for divorcing couples who either do not have children or have children who are grown, their number one priority often involves finances.

Texas is a community property state. This means that all property a couple has acquired during their marriage needs to be split evenly between the two spouses. Additionally, besides the usual bank accounts, divorcing couples involved in a high-asset divorce may own assets such as stocks, professional practices or businesses, various trust accounts, retirement plans, and insurance plans. Couples may have multiple properties in differing states or in foreign countries, as well as antiques, art, and other expensive collections. All of these items make up the marital estate and need to be evenly divided between the two spouses.

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 Posted on November 21,2014 in Child Support

When married parents are going through a high-asset divorce, two issues that need to be decided are child custody and support. Depending on what the parties agree to, and/or what the court decides, the parent who typically has less physical time with the child will be responsible for paying child support.

The purpose of child support is to ensure that both parents are contributing to the financial care and cost of raising the child. Unfortunately, and all too common, the parent who is ordered to pay the child support does not see it that way, but instead sees it as money he or she is paying to their ex-spouse. For various reasons, the paying parent does not, or will not, accept that it is their duty as a parent to contribute to the child's financial needs.

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 Posted on November 14,2014 in Divorce

A common stipulation in high-asset divorces is alimony, also known as spousal maintenance. Alimony is money that one spouse is court-ordered to pay the other spouse. Unlike child support, alimony is completely up to a judge's discretion. In September 2011, Texas HB 901 amended the rules regarding alimony in this state, including increases to the amount and length of time a spouse may be entitled to spousal maintenance.

Traditionally, there are two ways alimony payments can be made in high-asset divorces—either periodic alimony (which is paid on an established schedule i.e. monthly) or in a lump-sum payment. There are benefits and disadvantages to each of these two methods, and an experienced complex litigation attorney can help determine which is best for your situation.

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 Posted on November 07,2014 in High Asset Divorce

A recent survey suggests that couples who share financial decisions are happier than couples where only one partner handles all money matters. Sharing those financial decisions also makes it more difficult for one spouse to hide money from the other, which often helps with negotiations during high-asset divorces.

The survey involved just over 2,500 participants who were either married or in long-term relationships, and were also classified as "high-net worth investors." The survey revealed that although the majority of the couples said they shared financial decisions with their partner, the responsibilities appeared to be gender specific, especially when it came to making decisions on investing. While women in high-asset marriages were equally involved in the day-to-day decisions, they were often not actively involved in the investing decisions. Those decisions tend to be made strictly by the men, even for younger couples.

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 Posted on October 28,2014 in High Asset Divorce

There have been numerous studies done regarding the effects that divorce has on children. Several studies have concluded the negative impact parents breaking up have on children. However, a new study has found that it is actually children of high asset divorces who suffer the most from their parents' breakup.

A team of researchers from Georgetown University and the University of Chicago analyzed data that was taken from the National Longitudinal Survey of Youth (NLSY). That federal survey initiated in 1979 in order to examine how children are affected by family changes, such as divorce or separation. In 1986, the NLSY survey team also began assessing children born to women who were participating in the survey. The women were asked questions to determine the socio-economic state of their children. The assessments were conducted every other year until 2008, when the children reached 12 years of age.

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 Posted on October 21,2014 in High Asset Divorce

Every day in this country, three women die because of domestic violence. Every year, more than 10 million women and men are victims of domestic violence—that is 20 victims per minute. One in three women and one in four men have been victims of domestic violence.

October is domestic violence awareness month. One of the things we need to be reminded about is that domestic violence does not discriminate. Victims come from every walk of life and every socioeconomic background. Even a spouse who is involved in a high-asset divorce can be a domestic violence victim.

There are steps that all domestic abuse victims need to take to get away from the abuser. It is critical to have a safety plan in place. One resource for victims is the National Domestic Violence Hotline (1-800-799-7233) which has safety advocates available 24 hours per day. Any person accessing the hotline, or any websites in an effort to formulate a safety plan, needs to be very cognizant of the fact that his or her abuser may be monitoring their phone or computer. Therefore, use devices that cannot be monitored such as a friend's phone or a library computer.

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