High Net Worth Divorce in Texas

In the realm of high-net-worth divorces, numerous factors can transform what might have been a straightforward separation into a multifaceted legal process. In addition to intricate child-related concerns, a multitude of high net worth financial aspects require meticulous identification, comprehensive examination, and thorough resolution. These financial issues need to be resolved in high net divorce filing before reaching a final agreement.

• Prenuptial Agreements
• Real Estate
• Closely Held Business and Professional Practice Valuations
• Stock Options
• Retirement Assets

Prenuptial Agreements

When selecting legal counsel, opt for an attorney specializing exclusively in divorce and family law, particularly one with a track record in high net worth divorces, as opposed to a general practice lawyer. Consider, for instance, the implications. If you work with a divorce lawyer inexperienced in handling complex cases, they may lack a full understanding of ERISA rules pertaining to prenuptial agreements.

Divorce attorneys understand that a prenuptial agreement may not supersede the distribution of an ERISA (Employee Retirement Income Security Act) plan. Consequently, even if you relinquished your claim to your spouse’s employer-sponsored retirement plan through the prenup before marriage, you might still have a rightful interest in that same retirement plan.

However, this matter becomes irrelevant if you’ve signed an ERISA form forfeiting your future retirement benefits upon marriage. This example underscores the importance of ensuring your divorce lawyer possesses extensive expertise in Texas family law, with a regular focus on complex divorce cases.

For those who’ve entered into a prenuptial agreement, understanding its relevance in divorce is essential. Our divorce attorneys will conduct a thorough review of your prenup, taking into account your unique circumstances and goals. Subsequently, we will engage in a detailed discussion about how it affects your divorce resolution.

Real Estate

Real estate is often one of the most significant assets in a marital estate. Whether your real estate holdings are comprised of a marital home, vacation home, commercial property, or investment property, you will need to determine what portion of the property is subject to equitable distribution and what portion, if any, is exempt from the division of assets.

Factors include marriage date, purchase date, down payment, and payment source. If inheritance, gift, or bequest funded it, share interest may vary.

After identifying real estate assets, you decide to keep or sell them. Our TX divorce lawyers then craft solutions to protect your interests. Valuation, including market analyses and appraisals, may be necessary, and if disagreements persist, the courts may step in.

Closely Held Business, Partnership, and Professional Practice Valuations

Generally, unless your divorce is amicable, cases involving business assets in Texas tend to take longer to resolve than those without them. If one spouse owns a business, it often requires a formal valuation and report.

Forensic accountants and actuarial experts are usually hired to assess the business’s fair market value, either jointly or separately. This process involves a comprehensive examination, including:

1. the business site
2. records
3. books
4. general ledgers
5. payroll registers
6. receivables
7. machinery
8. inventory
9. real estate
10. client lists
11. partnership interests
12. enterprise and
13. goodwill.

Also, if you owned the business before the marriage, it will need to be determined if the business is a marital asset. We will need to calculate your spouse’s shared interest in the business if it is.

Whether you are looking to sell the business or continue to run the business post-divorce, our experienced Texas Divorce lawyers can help you develop the right arrangement with your spouse. This can be accomplished through a buy-out, sale, annuitized settlement, or another distributive arrangement.

Stock Options

Navigating stock options during a divorce can be highly intricate. Attorneys meticulously scrutinize factors like the grant date and vesting to ensure an equitable distribution of these assets. Moreover, your settlement agreement can encompass the establishment of a constructive trust, which serves multiple purposes.

This trust not only addresses the tax implications associated with your stock option distribution but also safeguards any post-judgment options. Importantly, it does so while simultaneously protecting your pre-distribution interests and rights.

Retirement Assets

Acquired retirement assets such as a 401k, 403B, IRA, etc. before or during your marriage may be subject to equitable distribution in your divorce. A common misconception is that if the account before or during marriage is maintained in your exclusive name, your spouse has no right to claim a share.

In Texas, this is not true in most circumstances. Generally, the value of your retirement account accumulated from the marriage date to the date the divorce complaint is filed will be subject to equitable division. This also generally holds for pensions, deferred compensation plans, SEPs, and SERPs.

Although these assets may not physically divide during the divorce judgment, we collaborate with highly qualified experts to draft domestic relations orders. These orders will guarantee you receive the appropriate share and correct benefit amount on a predetermined future date.

Our Role as Texas Divorce Lawyers

Part of our job as your divorce lawyers is to help guide you through the distribution laws. In high net worth divorce situations, we explain any advantages in dividing the retirement asset or offsetting the assets with other assets of the marriage.

We will make sure to discuss and explain in detail all tax ramifications, buy-out alternatives, and the entire QDRO process. As a basic rule, if the asset is earned during the marriage, it becomes a marital asset subject to division, whether the retirement benefit is a pension, IRA, Keogh, 401K, 403B, or even part of an employee stock option plan (ESOP). The division of retirement assets and employee benefit plans is often complicated when pre-marital interests are commingled with marital contributions.

If you face a complex or high net worth divorce, you will need a lawyer whose entire practice is exclusively focused on family and matrimonial law. Due to the complexities involved in these matters, you would certainly be best served by retaining an attorney whose entire practice is exclusively focused on family and matrimonial law.

Your divorce attorney should be well-versed in complex Texas laws for high net worth cases. In high-profile situations, our attorneys prioritize privacy. This typically involves mediation or discreet negotiations.

Successfully resolving a complex divorce matter requires skill, business acumen, investment knowledge, and experience – the cornerstones of the Law Office of Bryan Fagan, PLLC. Whether your divorce matter involves complex issues regarding your children and your financial matters, you should take the time to meet with one of our highly experienced divorce lawyers. Secure your future. Call us today: (281) 810-9760.

Ebook

If you want to know more about what you can do, CLICK the button below to get your FREE E-book: “16 Steps to Help You Plan & Prepare for Your Texas Divorce“

If you want to know more about how to prepare, CLICK the button below to get your FREE E-book: “13 Dirty Tricks to Watch Out For in Your Texas Divorce, and How to Counter Them” Today!“

Other Articles you may be interested in:

1. How to Begin Your Texas Divorce
2. Getting Uncontested Texas Divorce
3. Texas Divorce Attorney Explains Starting the TX Divorce Process
4. Grounds for Divorce in Texas
5. Filing for Divorce in Texas
6. Texas Contested Divorce
7. Alternative Dispute Resolution in Texas
8. Why do divorces cost so much in Texas?
9. Reduce stress and costs in a divorce by mediating your case
10. How to budget for a cost-friendly divorce in Texas
11. Cost Cutting Tips for your Texas Divorce
12. Why do divorces cost so much in Texas?
13. Texas Out-Of-State, International Divorce & Military Divorce

Bryan Joseph Fagan( Attorney )

Bryan Fagan, a native of Atascocita, Texas, is a dedicated family law attorney inspired by John Grisham’s “The Pelican Brief.” He is the first lawyer in his family, which includes two adopted brothers. Bryan’s commitment to family is personal and professional; he cared for his grandmother with Alzheimer’s while completing his degree and attended the South Texas College of Law at night.

Married with three children, Bryan’s personal experiences enrich his understanding of family dynamics, which is central to his legal practice. He specializes in family law, offering innovative and efficient legal services. A certified member of the College of the State Bar of Texas, Bryan is part of an elite group of legal professionals committed to ongoing education and high-level expertise.

His legal practice covers divorce, custody disputes, property disputes, adoption, paternity, and mediation. Bryan is also experienced in drafting marital property agreements. He leads a team dedicated to complex family law cases and protecting families from false CPS allegations.

Based in Houston, Bryan is active in the Houston Family Law Sector of the Houston Bar Association and various family law groups in Texas. His deep understanding of family values and his professional dedication make him a compassionate advocate for families navigating Texas family law.