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Denton High Asset Divorce Attorneys
Attorneys with Decades of Experience Handling High Asset Divorces in Texas
From a format standpoint, high asset divorces are not that different from other types of divorces. However, just as caring for a luxury automobile can be more complicated than taking care of a standard vehicle, due to the considerable assets involved, high net worth divorces are often more complex than other types of divorces.
To start, all property acquired during the marriage is presumed to be community property, unless it can be proven to be separate property. High end assets, such as real estate, businesses, and investment portfolios, can be particularly complex to divide in a divorce. This is because these assets are often worth a significant amount of money, can be mixed in character (part community property and part separate property), and can have a major impact on the financial future of each spouse. Some of the factors that the courts consider include the length of the marriage, the income and earning potential of each spouse, and the needs of dependent children.
At the Law Office of David S. Bouschor, II, P.C., we have over three decades of experience protecting our clients and ensuring they are well informed to make the best decisions possible. Our office has extensive experience with tracing separate property, business valuations, and other valuations that can be used in mediation or trial.
If you are facing a divorce in Texas and you have high end assets, it is important to speak with an divorce attorney experienced with analyzing, evaluating, characterizing, and litigating these assets. Our attorneys can help you understand your rights and options and can help you negotiate a settlement that is fair to you.
Need help with a high asset divorce? Call us at (940) 202-8323 or contact us online today to schedule a confidential consultation with our experienced high asset divorce attorneys in Denton. Se habla Español.
What Is Considered a High Asset Divorce in Texas?
In most cases, high net worth divorce in Texas is a divorce that involves over a million dollars in liquid assets. High asset divorces generally take longer than other types of divorce because high net worth divorces are basically the equivalent of dismantling a large corporation rather than two spouses simply going their separate ways.
Due to the complex nature of high asset divorces, these types of divorces are usually more expensive than a regular divorce. People involved in high asset divorces should be aware that there are often complicated tax implications associated with this type of divorce. In addition, spouses going through a high net worth divorce should curb their spending during the divorce process, because excessive spending can raise red flags with the court.
Separate vs. Community Property in High Asset Divorces
The Texas Constitution classifies all marital property as either community property or separate property. Community property is a legal concept that refers to property that is owned jointly by spouses. In Texas, all property acquired during marriage is presumed to be community property, unless it can be proven to be separate property. Some examples include:
- Income from employment
- Real estate
- Retirement Accounts
- Bank Accounts
Separate property in Texas is property that is owned by one spouse and is not considered to be community property. In Texas, separate property can be acquired before marriage, during marriage by gift or inheritance, or during marriage by separate property funds. Generally, one must overcome the presumption of community property and show through proper tracing the separate character of the funds or other assets used to acquire the item in question. Examples of potential separate property in Texas:
- Property owned by one spouse before marriage
- Property inherited or gifted to one spouse during the marriage (such as wedding rings)
- Property acquired by one spouse by way of a personal injury settlement
- Property acquired by one spouse with separate property funds
- Property inherited or gifted to one spouse during the marriage.
High Asset Divorce: What Is a Valuation?
After determining which of your and your spouse’s assets are separate property and marital property, the next step in the high net divorce process involves figuring out what your assets are worth. This usually requires a valuation
A valuation is a process where experts in the field of the property at hand evaluate the worth of your and your spouse’s estate. Assets that will be subject to evaluation include but are not limited to the following:
- Liquid assets
- Homes (including vacation properties) and vehicles (cars, boats, et cetera)
- Retirement accounts (such as a 401(k))
How Does Spousal Maintenance & Child Support Work in High Asset Divorce Cases?
In some instances, one spouse in a high asset divorce may have been financially dependent on the other spouse throughout the marriage. Depending on the spouses’ financial positions once the divorce is final, that spouse may require spousal maintenance. If the divorce involved domestic violence or infidelity, that can be a factor in determining if spousal maintenance is awarded.
If one spouse is considered a high earner, that can impact how child support is decided, including how child support payments are calculated.
Contact Our Experienced High Asset Divorce Lawyers Today
Our high asset divorce attorneys at the Law Office of David S. Bouschor, II, P.C. have over 60 years of combined legal experience. We are comfortable helping clients with family law matters in the court room or at the negotiating table.
Our legal team works directly with clients throughout the divorce process. We keep you updated at every turn of your case, and we truly value your input. Let us help you secure your wealth, finalize your divorce, and set yourself up for a brighter future.
To discuss your situation with our experienced high asset divorce lawyers in Denton, give us a call at (940) 202-8323 or reach out to us online today for a confidential consultation.
I definitely recommend this team of professionals
“I'm eternally grateful to the Law Office of David S Bouschor. Everyone on staff is professional, caring & courteous. I'm blown away at how well they handled my divorce during this unprecedented pandemic (considering how quickly everything was/is changing). Their office manager (Melissa) was wonderful whenever my fears got the best of me. I could always count on her responding quickly to any and all questions/ concerns I ever had. I definitely recommend this team of professionals to anyone in need of legal expertise.”
No bumps in the road, smooth and efficient.
“The probate process was totally complete in 4 months, over holiday season and during COVID no less.”
Made it as smooth as possible for me.
“I used them for my divorce and they did a great job. Made it as smooth as possible for me and gave me the guidance needed to make the right decisions.”
Great Family Law Attorney
“David Bouschor has provided superior guidance during a very stressful time. He explained my options and guided me down the proper path for my situation/circumstances.”
Her attention to detail and listening skills are by far the best.
“Her attention to detail and listening skills are by far the best.”