Texas High Net Worth Divorces
Experience Matters When the Stakes Are High
High-net-worth divorces typically involve special financial issues unique to that couple. Such issues could include undesirable tax triggers, transferability restrictions, vesting concerns, valuation problems, or separate property tracing. With more than 40 years of experience handling financially complex divorces, our Austin, Dallas, Fort Worth, Granbury, and Plano, Texas-based high-net-worth divorce attorneys have the expertise required to successfully guide you through the process.
What is Considered a High Net Worth Divorce?
There is no universal definition of what constitutes a high-net-worth or high-asset divorce. As a result, the label is generally considered descriptive of a marital estate that contains some combination of any of the following marital property assets or characteristics:
- Significant cash or near liquid investments, including stocks, bonds, or mutual funds;
- Multiple retirement accounts, such as 401(k) 403(b), 457(b), IRAs, pensions, or federal or military retirement;
- Deferred compensation or bonus structures, including stock options, restricted stock units, performance shares, or other advanced profit-sharing plans;
- Significant separate property in existence prior to marriage, or received during the marriage through gift, inheritance, or as a result of a personal injury;
- One or more closely-held business ventures, S corporations, professional associations, PLLCs, or other entities; or
- Ownership interests in real estate beyond a marital residence, such as vacation homes, lake houses, income-producing real estate, or fractional interests in real estate holding companies or REITs.
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Estates containing some or all of these types of assets may be considered “high asset” or “high net worth,” and their existence creates special issues for the divorcing couple. Not all family law attorneys possess the experience needed to help their clients navigate such issues successfully. If you’re contemplating divorce, be proactive by gathering documents associated with the assets listed above. Preparing accordingly will save you time and money by expediting the discovery process and giving your attorney the information they need to move on to the next steps.
How Do High Net Worth Divorces Differ from Traditional Divorces?
The special issues unique to high-net-worth divorces increase the complexity associated with successfully valuing and untangling assets. A systematic approach that correctly identifies these special issues as well as the solutions is essential to ensuring both a clean and equitable final property division.
Can I Avoid Going to Court in a High Net Worth Divorce?
Yes, you can. Settling out of court through negotiation is a desirable option if privacy, efficiency, and control are high on your priority list.
You can minimize the emotional and financial costs of protracted litigation by choosing to handle your divorce outside of the courtroom using one of several non-adversarial methods, including mediation, negotiated divorce, or collaborative divorce.
What Should I Do if I Think My Spouse is Hiding Money?
The first step is to work with your high-asset divorce attorney and a forensic accountant, who will get an understanding of your financial circumstances and guide you through the forensic accounting process. For more information, please listen to our podcast episode on the topic, “Is My Spouse Hiding Money?”
How Are Separate and Community Property Determined in a High Net Worth Divorce?
The simplest answer is for the parties to stipulate and agree upon what property is separate. That can be accomplished through a premarital agreement before getting married, a marital agreement entered into during the marriage, or even by stipulation during a divorce process.
If no such agreement exists, however, methods for distinguishing separate from community property at the end of the marriage will vary, depending upon the type of asset.
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Understanding the Nuances of the High-Net-Worth Divorce Process
While the guidelines and procedures of a high-net-worth divorce can be similar to any other divorce, the specifics involved can be much more complex.
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How is Inherited Property Handled in a Divorce?
Is an inheritance considered community property in Texas? Click to read more!
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How Can I Protect My Children’s Inheritance in a Divorce?
Discover what measures you can take to ensure that your children’s inheritance is protected from a divorce settlement.
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What An Experienced Attorney Brings to Your High Net Worth Divorce
Attorney Jonathan James explains what you need to know about high net worth divorces and shares common mistakes to avoid.
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How to Protect Your Separate Property in a High Net Worth Divorce: Part I
Attorney Clint Westhoff explains how you lose your separate property in a Texas divorce and steps you can take to protect it.
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How to Protect Your Separate Property in a High Net Worth Divorce: Part II
In Part II of How To Protect Your Separate Property in Divorce, GBA’s Clint Westhoff shares what you need to know when keeping track of your community property.
Work With Our Experienced Texas High-Net-Worth Divorce Lawyers
At Goranson Bain Ausley, our goal is to educate you on your options so you have more control over your future. Our experienced Austin, Dallas, Fort Worth, Granbury, and Plano high-net-worth divorce attorneys have the skills you need to negotiate a resolution in your divorce that meets your needs. And if litigation can’t be avoided, our expertise in high-asset, high-net-worth divorce cases is well-known and respected throughout the state of Texas. Contact us today for a consultation to determine if we’re the right fit for your needs.
- Thomas P. Goranson 1997
- Thomas L. Ausley 1997
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- Thomas L. Ausley 1980
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OUR LATEST RESOURCE ON HIGH NET WORTH DIVORCE
The Role of a Forensic Accountant in a Divorce
Hiring forensic accountants in a divorce can be necessary to help uncover hidden assets, ensure an equitable asset division, and provide expert financial analysis to ensure a reasonable settlement.
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