Most divorcés will recommend that you retain the services of a professional attorney when going through a typical divorce. When it comes to a high asset divorce, sometimes called a high net worth divorce, not just any lawyer will do. With so many assets, finances, & pieces of property on the line, you should not gamble it with unproven legal counsel.
Phillip M. Herr, Attorney at Law, has been helping families through complex, high-stakes divorces for more than 15 years. Backed by numerous awards – including the “Best Attorney in Flower Mound” (2013 – 2016) by the readers of Living Magazine (Flower Mound Edition) – our lead attorney is recognized throughout the region for giving honest, clear advice and counsel that steers clients towards success.
Contact our firm today to learn more of our accolades or your options.
People going through a high asset divorce are often understandably concerned about what is going to happen to their future and comfort. The spouse that was the primary breadwinner may be worried that the court will order them to pay extravagant amounts of spousal support just because they are well-off. A spouse that did not contribute financially to the marriage could be afraid that property division will leave them with next to nothing, significantly lessening their standard of living.
There are two types of property to consider in a high asset divorce:
Community property: Assets accrued while the marriage existed and that was shared by both spouses. Texas divorce courts will assume that all property is community property, unless proven otherwise.
Separate property: Assets that only belong to one spouse due to one spouse owning it before the marriage became official, or due to one spouse being gifted it directly through inheritance. The court will need to be shown reasonable proof that an item is separate property, not communal.
Many people going through a high asset divorce have made considerable fortunes through entrepreneurial ventures and growing their private business. Losing only a portion of control due to a divorce’s property division process can be devastating to a business owner who has put time, money, and energy into that company. It is critical to have your business appraised during your divorce so you know how much it is worth and what you are fighting to keep.
If you want to protect your assets and your future throughout your high asset divorce proceeding, it never hurts to have professionals in your corner. Flower Mound Divorce Attorney Phillip M. Herr can handle the legal aspects of your case, no matter how intricate it may seem. If necessary, we can talk to you about consulting financial appraisers and accountants to help evaluate your assets, giving us a better chance at a fair distribution.
Want to know more? Contact our firm online.