Divorce is a trying experience for anyone, but it can be especially contentious when one or both spouses have a high net worth or a complex property portfolio. Complex and high asset divorces often involve claims of hidden assets and marital torts such as fraud on the community. Many high net worth individuals are also concerned about being burdened with oppressive alimony or spousal support payments even after the divorce is finalized.
Persons going through a high net worth divorce need experienced attorneys to help them develop a comprehensive divorce plan to successfully navigate through the process and protect their closely-held business, oil and gas interests, and other complex property issues. The marital property division attorneys at The Law Office of Bryan Fagan, PLLC are ready to assist you and begin developing a strategy, along with professional advice from other professionals, to help you work through the specific issues that you are concerned about.
Houston High Net Worth Divorce Attorney
Our Houston divorce attorneys have extensive experience in representing clients throughout Harris County including Houston, Northwest Houston, Champions, Spring, Tomball, Klein, the FM 1960 area, as well as The Woodlands and Conroe in Montgomery County.
Issues affecting High Asset Divorce Cases
- Separate Propertyvs. Community Property
- Business Valuation
- Financial Experts
- How We Can Help
Separate Property vs. Community Property
There are three types of marital property - separate property of the wife, community property, and separate property of the husband. All marital assets can be characterized as one of these types, or a combination of them. In Texas, the court will presume that all property the spouses own iscommunity property. It is up to the spouse claiming property as his or her separate property to overcome the presumption by proving very clearly to the court the separate property character. The benefit of an asset being characterized as your separate property is that the judge cannot award it to your spouse.
Characterizing all of your marital property as either separate property or community property is vital to fairly dividing your assets during a divorce. Consulting an experienced and knowledgeable attorney is the only way to ensure your assets are properly characterized before they are divided or confirmed by the court as separate property.
Business Valuation
If you own a closely-held business or have family business interests, a primary concern in the divorce process will be valuing the business and determining its marital property character. We work closely with our high net worth clients, in conjunction with valuation and financial experts, to obtain a clear picture of the nature of your business interests and their current value. After your business interests have been appraised and a settlement agreement or final divorce decree is drafted dividing the property, it will be important that the actual division of the business is handled with expertise.
In a business owner's divorce, it is important the attorney possess the ability to properly document the division of the business assets, ownership rights, and ownership duties when the divorce is finalized. This documentation must be included in the mediated settlement agreement, final divorce decree, and in the internal resolutions, minutes, ownership certificates, shares, and relevant agreements of the business entity. If not properly documented, the division of the business will not be completed and conflict between ex-spouses or with the other persons involved in the business is likely to occur in the future. The attorneys at The Law Office of Bryan Fagan, PLLC are knowledgeable and experienced in representing business owners in divorce, purchase and sale of businesses, as well as other civil litigation proceedings. This experience outside the divorce process provides us with unique skills to facilitate the property division in your high asset divorce involving a closely-held or family business.
Financial Experts
In addition to providing top-notch legal advice to high net worth individuals involved in divorce, we also work closely with experts in other fields to ensure all of their complex property issues are addressed. High income divorce cases, may require the assistance of a highly skilled financial team to properly asses the monetary value of all the property involved. Some of the highly qualified experts we will recommend to work on your case may include:
- Forensic accountants
- Certified Public Accountants (CPA)
- Certified Financial Planners (CFP)
- Business valuators
- Residential and commercial property appraisers
- Personal property appraisers
Ebook
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Other Articles you may be interested in:
- Dividing Property in a Texas Divorce - The Just and Right Division
- Why is Separate Property Important and How to Keep it Separate in a Texas Divorce?
- What Wikipedia Can’t Tell you About Texas Divorce and Marital Property Division
- Texas Divorce Property Division Enforcement
- Separate Property in a Texas Divorce?
- Does it Matter Whose Name is on Title or Deed of Property in a Divorce in Texas?
- Is Social Security Considered Separate Property in a Texas Divorce
- Business Owners and Business Assets in a Texas Divorce
- What to do when your divorce decree does not include a marital asset?
- What happens to your business in a Texas Divorce?
- Why is Separate Property Important and How to Keep it Separate in a Texas Divorce?
