Temple High-Asset Divorce Lawyer

Navigating Complex High Value Divorces in Texas

Divorce can be a challenging and complex process for any couple, but particularly so for the wealthy if there is no pre or postnuptial agreement. Perhaps they accumulated significant assets after getting married, or maybe against the wishes of family or business partners, the couple chose not to do a prenup. Now the marriage is dissolving and it will take serious work to sort it out.

The experienced family law attorney at Young Law Firm can be a tremendous help to couples filing for divorce in Temple and the surrounding areas. Barbara Young can help you avoid costly mistakes when there are complex property division, significant assets, business valuation, stock holdings and retirement accounts to consider. Once all assets have been determined and valued, we formulate an effective plan that works toward a positive resolution.

Reach out now to schedule your free legal consultation with a Temple high-asset divorce lawyer. Call us at (254) 774-1996 or contact us online today!

Understanding High-Asset Divorce in Texas

High-asset divorce typically involves couples with substantial financial resources. This can include real estate, investment accounts, businesses, retirement funds, and other valuable assets. The process of dividing these assets can be intricate, requiring thorough assessments and careful negotiation.

Texas is a community property state, meaning that most assets acquired during the marriage are considered jointly owned. However, the classification of assets as community or separate property can lead to disputes. Proper legal representation from our high-asset divorce attorney in Temple is essential to navigate these complexities and achieve an equitable outcome.

Common Divorce Issues

Any divorce can include resolution of the following issues:

• Custody Options: There are different options that include joint custody, legal custody and sole custody.
• Marital Property Division: Generally speaking, marital property is any assets accumulated during the marriage, unless it is an inheritance or gift. Texas is a community property state so the courts do not divide assets 50-50, but follow an approach that is appropriately right or just.

Unique Challenges in High-Asset Divorces

The above issues are extremely important, but there are additional concerns when couples with extensive assets get divorced. Our knowledgeable high-asset divorce lawyer in Temple has experience resolving issues in the following areas:

• Child Support Considerations: Families accustomed to a certain lifestyle may want to include private schools, expensive hobbies and activities, or travel.
• Estate Valuation Expertise: We are equipped with in-depth financial knowledge to value domestic and foreign assets.
• Uncovering Hidden Assets: Unfortunately, some spouses try to gain an advantage by hiding assets in offshore banks or foreign accounts. We can find them.
• Future Financial Planning: Stock options and retirement benefits will pay out at a future date, but should be considered during negotiations.
• Alimony and Spousal Maintenance: Typically, couples must be married for 10 years. There are different types of alimony, but in cases of high-asset divorce, the support needs may be much higher.
• Privacy Through Sealing Court Records: Once couples go to court, sensitive personal information such as income or grounds for divorce are a matter of public record. Both parties must agree to move forward with sealing the court records.

We generally try to negotiate or mediate high-asset divorces, believing that most families are best served when a resolution is achieved in a collaborative manner.

It should be noted that since court proceedings are open to the public, out of court settlements also provide the benefit of keeping the entire matter private. However, this approach is not always realistic for protecting your individual and parental rights, so we always prepare as if we are going to court.

Don’t navigate your high value divorce alone. Schedule a free consultation with a Temple high-asset divorce lawyer today! Call us at (254) 774-1996 or fill out our online form to get started.

Key Considerations in High-Asset Divorce

• Asset Identification and Valuation

One of the first steps in a high-asset divorce is accurately identifying and valuing all marital assets. This includes both tangible assets, like real estate and vehicles, and intangible assets, such as stocks, bonds, and business interests. Proper valuation often requires expert appraisals to ensure that both parties understand the true worth of the assets involved.

• Business Valuation

If one or both spouses own a business, its valuation is critical. Determining the fair market value of a business can be challenging, requiring the expertise of financial analysts or business valuators. This process can significantly impact the overall asset division.

• Retirement Accounts and Benefits

Retirement accounts such as 401(k)s, IRAs, and pensions can be substantial assets in a high-asset divorce. Understanding how to divide these accounts properly is essential, as it often requires specific legal documents, like a Qualified Domestic Relations Order (QDRO).

• Tax Implications

High-value assets may come with significant tax consequences. It’s important to consider how the division of assets will affect both parties’ tax situations. For instance, liquidating an asset might trigger capital gains taxes, affecting the overall value received by each spouse. As your Temple high-asset divorce lawyers we can help anticipate these implications.

• Spousal Support

In high-asset divorces, spousal support, or alimony, may be a consideration. The duration and amount of support can vary based on the length of the marriage, the standard of living during the marriage, and each spouse’s financial situation. Establishing a fair spousal support agreement can require negotiation and legal insight.

Why Choose Young Law Firm?

At Young Law Firm, we understand that navigating family law issues requires a dedicated and experienced team. Led by Attorney Barbara Schwarz Young, a board-certified family lawyer with over 30 years of legal experience, we prioritize personalized attention and commitment to each client's unique needs.

Barbara's no-nonsense approach to litigation, coupled with her rigorous negotiation skills, ensures that your interests are effectively represented. Our team of skilled litigators is ready to go to trial if necessary, providing you with the confidence that your case is in capable hands.

We pride ourselves on meticulous preparation and close attention to detail, leaving no stone unturned in the pursuit of justice. By choosing Young Law Firm, you gain a trusted partner committed to advocating for your best interests and guiding you through the complexities of divorce with expertise and care.

Set up your appointment today with a high-asset divorce attorneys. Call our Temple office at (254) 774-1996, or you can email us.