Some of the most challenging cases that Texas divorce attorneys oversee are high net worth divorces with significant assets involved.
These divorces can be extremely involved and require spouses to work with divorce lawyers experienced in this specific type of divorce action.
To appreciate the role that the right divorce law firm plays in reaching a favorable result in a high asset divorce, it is essential to understand the challenges that typically arise in these cases.
1. The Division of Assets Is Especially Challenging
Since Texas is a community property state, divorce attorneys find that the classifying and dividing of marital property can get contentious in high net worth divorces.
With more assets at stake and many times in various forms such as valuable physical property, stock investments, retirement accounts, real estate, and more, divorce law firms must frequently seek the assistance of other financial experts to determine the value of the marital estate.
Then divorce lawyers must help spouses decide on what is a fair and just distribution of this wealth or prepare them for court to allow the judge to do it.
2. Business Ownership Adds Complexity
Many high net worth divorces include businesses, which may or may not be considered to be community property.
Divorce attorneys must once again work with financial experts who can help them determine whether the business is subject to a division based on community property laws, then determine the fair value of the business.
Valuing businesses can be especially challenging, as there are multiple ways it can be done.
3. Requests for Spousal Support Are Common
While spousal support is not normally awarded in Texas, it can be more common in high net worth divorces when one spouse is dependent on the other so long as other criteria are met.
In these instances, divorce lawyers must assist their clients in proving a need to the court for spousal maintenance before it will be considered and how much may be awarded up to the state’s limits, which is $5,000 or 20% of the paying spouse’s income per month.
4. Concealed Assets Can Be An Issue
Another challenge that divorce law firms see more often when working with clients in high asset divorces is the concealment of assets by one spouse in an effort to retain more of such wealth.
This is yet one more reason why divorce attorneys end up bringing financial and even forensic experts into the process if there is any suspicion that one spouse may be attempting to conceal some of his or her wealth.
When a need to investigate for hidden assets arises, it lengthens the whole property identification, classification, and division process even more than it can already be in high net worth divorces where large estates must be divided up.
Experienced Attorneys Needed In High Net Worth Divorces
Divorces that include the distribution of large assets can be some of the most lengthy, contentious, and challenging processes that divorce lawyers assist clients through.
Considering these points, it should be clear that spouses involved in high net worth divorces in Texas need the guidance and expertise of divorce law firms that understand these challenges and how to address them.
Before assuming any lawyer can be chosen for a high asset case, spouses must consider what is really at stake and choose attorneys such as those at Schreier & Housewirth with a good track record in these types of divorces.
The insight of board-certified family attorneys at Schreier & Housewirth are invaluable when facing any family law issue – call them today at (817) 753-8565 for help!