Montgomery County High Net Worth Divorce Lawyers
Over 20 Years of Experience Representing High Net Worth Spouses in Court
High net worth divorces require a slightly different hand than standard divorces. When your marriage is riddled with high-value assets, you want to be very careful about how to distribute these assets and to make sure your rights to your property are not being infringed upon. At Steinmann Law Firm, our lawyers represent spouses dealing with high net worth divorce that may involve assets like real estate holdings, investment portfolios, and even personal property like expensive antiques and artwork. It is best to hire an attorney for your divorce who knows how to handle significant assets and who has a keen eye for your post-divorce financial health.
Schedule an initial consultation with Steinmann Law Firm for more information. Representing high net worth spouses in Conroe, the Woodlands, and Bentwater, TX.
What Is Considered a High Net Worth Divorce?
The distinction between a standard divorce and a high net worth divorce is the value of assets contained in the marriage. In Texas, a high net worth divorce is a divorce where the couple has over $1 million in liquid assets. Examples of assets that could add up to a high net-worth divorce are:
- Real estate (vacation homes, rental properties, etc.)
- Luxury or antique goods (luxury fashion, artwork, etc.)
- Brokerage and investment accounts
The marriage can either have accumulated high-value assets in the course of the couple’s partnership, or it can be that one spouse brought significant assets into the marriage. Either way, a marriage with more than $1 million in assets should be handled by a high net worth divorce lawyer who knows how to appropriately evaluate the property.
Texas’ Property Division Laws
When it comes to property division, Texas is a community property state, so all income earned and property acquired during the marriage by either spouse is considered to belong to both spouses equally – and can thus be distributed to both spouses equally.
All community property must be distributed, and only separate property is exempt from division. Separate property is anything that belonged to one spouse before marriage and was kept separate during the marriage, such as:
- An inheritance received by a spouse
- A gift to one spouse individually
- Any income earned on separate property
- Damages from a personal injury lawsuit
The court may adjust the distribution of community property in any way it believes to be fair. To determine whether to adjust the property division award, the court will consider:
- Each spouse’s education, age, and health
- Each spouse’s earning capacities, skills, and business opportunities
- Whether a spouse is a primary caregiver for the couple's children
- How much separate property each spouse owns
- Whether one spouse was at fault for the divorce
Typically, spouses who know they are bringing significant assets into the marriage will have signed a prenup at the start of the marriage, or some couples might have signed a postnuptial agreement during the marriage. Prenuptials and postnuptial agreements are a good way to avoid a contentious property division dispute in the future because they establish how property will be divided far in advance.
However, if you do not have a premarital agreement in place, you can negotiate a property division arrangement among yourselves during your high net worth divorce. If you cannot reach an agreement, the court will step in to make the final decision.
One thing to be careful of in high net-worth divorces is a spouse concealing the true value or amount of assets they hold to avoid having to divide them. Such concealment of assets in a high net worth divorce is strictly illegal. However, it can be difficult to discern whether a spouse is hiding assets and how to even find them.
If you are wondering about whether your spouse is being truthful about their assets, contact an experienced high net worth divorce attorney for legal guidance. We can look carefully at your case to determine whether your spouse is potentially covering up any divisible assets.
The outcome of a high net worth divorce will significantly affect your post-divorce life, so it is important that you work with a lawyer who understands how to navigate the financial implications of a divorce involving high-value assets. Our trial lawyers at Steinmann Law Firm will take an attentive and detailed look at all the circumstances of your high net worth divorce to determine which assets will be distributed, whether your spouse may be concealing any assets, and how to push for an agreement that best protects your rights to your marital property.
Schedule an initial consultation with our high net worth divorce attorneys today to get started.
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