Leander High Net Worth Divorce

At its core, the divorce process involves trying to separate, as much as possible, two lives that have been built together. The higher the net worth of the couple, the more there is to disentangle, and, in many cases, the more complicated the process becomes. Having a Leander high net worth divorce lawyer who understands the unique challenges wealth adds to a divorce is vital to managing such a complicated process.

At the Vaught Law Firm, we understand what to expect in a high net worth divorce. We recognize the unique challenges and, based on our experience, know how to manage them. As board-certified family law attorneys, we are some of the most skilled, knowledgeable divorce lawyers in the state. We are prepared to handle your high net worth divorce and advocate for your interests.

What a Leander High Net Worth Divorce Lawyer Can Do for You

Your lawyer is your representative and advocate for whatever issue you’ve hired them to work on your behalf. In the case of divorce, this can mean taking on quite a few different roles and vital functions related to the process. One of the most crucial of these roles is as an advisor. Many people are unaware of the laws and procedures involved with a divorce, but we have a detailed understanding that you can rely on.

Provide Personalized Advice

One of the most crucial benefits of having us advise you through the divorce process is that it can help you prepare. We can help you set expectations in terms of the timeline and the procedures involved. This can also help you prepare mentally and emotionally.

One of the issues that can cause unnecessary stress, tension in negotiations, and delays is when someone has unrealistic expectations of what they will receive or what will be expected of them in the divorce process. By preparing you for the range of likely outcomes, we can help you reduce some of the potential frustration you may experience throughout the divorce.

Assist With Paperwork

As your lawyers, we are able to assist with the significant and tedious paperwork that can be involved in the divorce process. It’s important that any paperwork involved be done properly and handled according to the expectations of the courts. If there are errors, this could result in significant delays or more serious issues. However, when working with the right lawyer, you can feel comfortable knowing that it’s being handled appropriately.

Negotiating a Settlement

Once the divorce is filed, it’s the preference of the Texas legal system for divorces to be settled with as little court involvement as possible. This helps prevent overcrowding in the family law courts.

The court will need to approve any settlement that a couple agrees to as a way of ensuring that it meets the standards of the law. However, working with a lawyer can help you and your spouse stay within the legal parameters, as they understand what judges are more likely to approve.

A settlement is generally a better option for the divorcing spouses as well. It affords more of an opportunity to influence the settlement and have a say in how the major issues are addressed. If the case goes to court, you will have to comply with whatever the judge decides.

A judge can’t have the same depth of understanding of your situation as you do, so that route leaves quite a bit up to chance. This is especially important to consider in situations that involve a high net worth, as the judge will need to make more decisions regarding property division with less input from you.

The Challenges of Negotiating a Divorce Agreement

While there are significant benefits to negotiating a settlement, there can be some significant challenges as well. Some divorces are more amicable, but in many, the process may turn contentious. When a high net worth is involved, there is a greater likelihood of contention, as there is more to be fought over. The more tension involved in the process, the longer it can take, and the more likely it may end up being left to a judge to decide.

A lawyer can be crucial to avoiding a situation where the contentious nature becomes too disruptive to the process. This is, in part, because we can help set expectations, but it’s also because we have experience with these types of negotiations and understand where the potential pitfalls may be.

We also understand how to get the process back on track when there are potential challenges. While the finer details will need to be worked out, experienced lawyers understand where a negotiation is likely to go, and we can try to make the process of getting there less of a burden on you.

Your lawyer will also assist in preparing the final divorce agreement once the details have been negotiated and both sides are comfortable with what’s been decided. It’s important for this settlement to be clearly documented and fair to both sides. The document will also need to be approved by the court, so it will have to show the judge that it meets the parameters of the law as well.

Going to Court

Even with a strong lawyer, it may be impossible to resolve some of the issues involved in the divorce, and it will need to go before the court. If this is the case, you will need a lawyer who is prepared to make your strongest case in hearings before the judge. They will act as your representative during the process and advocate for your interests.

Having a lawyer who is comfortable in a courtroom is absolutely critical in situations involving a high net worth. The assets and circumstances of high net worth individuals are different from those judges might typically see in their courtroom. This means you will want someone who is capable of describing the unique issues involved, in addition to being able to make a strong argument in your favor.

Issues Impacted by a High Net Worth in a Divorce

The issues involved in a high net worth divorce are the same issues that will need to be resolved in any divorce. However, some may be impacted or more complicated because of the net worth and assets that may be involved. These issues may be negotiated, but it’s important to understand the way that net worth impacts what the court will expect to see, as they will need to approve the agreement and ensure that it meets legal parameters.

Assisting With Property Division

A high net worth is a product of having significant assets. As a result, the portion of divorce most significantly impacted by a high net worth is property division. Property division in Texas is not a strict 50-50 division based on the value of the property. Instead, the court is asked to divide the property in a manner that they believe to be “just and right.” They will consider a number of different factors in determining what they believe to be a fair division of the property.

One of the first steps in this property division is ensuring that both parties have a clear picture of all of the property that’s involved with the marriage. It’s important that this disclosure be done properly and in a timely fashion. Any failure to disclose assets or debts, whether through an honest mistake or an attempt to conceal something from the other party, is a serious issue. Debts will also need to be divided during the property division process.

Your lawyer should help ensure that everything is properly disclosed. Once the property involved is clear to everyone, it will need to be put into two categories. Each spouse will have their own separate property, and the rest is community property. This can often be a contentious aspect of the process, particularly if there isn’t a prenuptial agreement.

Determining Separate Property

The default assumption in Texas is that the property owned by the couple at the time of the divorce being initiated is community property. Therefore, there is a burden of proof necessary for an asset to be designated as separate property.

Separate property can come from a variety of different sources. One of the primary types of separate property is the property that each party had prior to the marriage. Additionally, if either spouse received a gift or some inheritance in the course of the marriage, that is also considered to be separate property.

If one of the spouses was given an award in a personal injury claim, that award is separate property except for any portion that was paid for lost wages or earning capacity. That portion would be considered community property.

The process of identifying separate property can be particularly challenging when it’s been mixed with community property. It is possible to receive some credit for the separate property that was used in this way, such as if someone used their separate property to pay off a debt of their spouse’s. However, determining separate property can be more challenging in more complex situations, such as when separate property is used in a family business owned by both spouses.

Community Property

Community property is the property that was acquired by the couple during the course of the marriage. However, because of the assumption that any property is community property until proven otherwise, community property is whatever is not set aside as separate property. Only community property will be divided between the spouses.

Dividing the Property

When it comes to dividing the property, Texas seeks to find a division that can be considered fair, given the scope of the marriage and the relevant factors. While a judge will ultimately need to settle on what they believe to be “just and right,” they will consider a variety of factors, including:

• Who was at fault for the divorce
• The reasons behind the divorce
• Who will have custody of the children after the divorce
• The health of each spouse
• Tax concerns and the circumstances of the property’s acquisition
• The future income and earning prospects for both spouses, including their education and employability

Spousal Maintenance

There are a few different ways that a high net worth could potentially impact the issue of spousal maintenance. Texas law will only award spousal maintenance on the basis of need. This need must be demonstrated to exist even after the property division. In a high net worth divorce, it’s possible that this need may be difficult to show, as the property owned by the spouse may be considered enough to meet their needs.

Additionally, it’s worth noting that Texas has some limits on how much spousal maintenance can be required. Since a high net worth is often paired with a high income, these caps mean that even if spousal maintenance is awarded, it may be very little relative to the income.

Child Custody

A number of different factors will influence the court’s assessment of how the issue of child custody should be handled, but ultimately, the decision will be made on the basis of what the court believes to be in the best interest of the child. While a high net worth may not be a significant contributing factor in these situations, it may still play a role.

One of the criteria evaluated is the ability of each parent to provide for the child’s needs. In a high net worth divorce, this is something that will most likely be met by both parents.

In Texas, there are two different types of child custody that will need to be planned for: possession and access refers to one type and conservatorship to the other. Possession and access refers to which parent will live with and care for the child. Conservatorship describes who will make decisions on the child’s behalf, such as those involving religion, education, and medical treatment.

For conservatorship, the law describes a preference for it being jointly managed by both parents. This would require them to work together in making the important decisions for the child. However, if a judge feels it is necessary, only one parent will hold these types of rights and responsibilities for their child.

There is a Standard Possession Order that judges will start from when deciding the physical aspects of custody. Again, though, a judge can choose to alter the plan from the standard if they feel it serves the best interest of the child. In particular, they will be likely to consider sole possession and access if there is any reason to believe that not doing so would place the child in any danger.

Child Support

Child support will need to be determined in any divorce that involves children. Child support is largely based on the income of the non-custodial parent. If the high net worth is a product of a high income, then that may impact the child support paid.

Assets That May Be Involved in a High Net Worth Divorce

When a divorcing couple has a high net worth, this typically means that the assets involved are diverse and complicated. This creates a number of unique challenges, particularly in property division. The kinds of assets that may be involved, valued, and possibly divided in a high net worth divorce include:

• A family-owned business, medical practice, or other business interests
• Livestock
• Oil, gas, and mineral rights
• Real estate and investment properties
• Investment assets, stock options, and other financial instruments
• Trusts
• Intellectual property
• Retirement accounts

All of these types of assets and others present unique challenges, and it may be difficult to manage and divide them fairly throughout the divorce process. It’s important that you work with a lawyer who understands these assets and has worked with them before. The knowledge that comes from experience can be crucial to finding the outcome that you’re seeking.

A Leander High Net Worth Divorce Can Be Complicated, but the Vaught Law Firm Can Help

Divorce is almost always a challenging process, but a high net worth can present even more significant challenges. A high net worth is usually a result of complicated assets and business interests. These elements can be challenging enough to divide on their own, but property division is often made more difficult by the contention that can emerge when such wealth is at stake in the process. This combination can create the circumstances for a lengthy divorce process in many cases.

The lawyer whom you choose to handle your high net worth divorce can often make a critical difference in how contentious and time-intensive the process becomes. Working with an experienced team like that of the Vaught Law Firm can smooth out the process while still addressing the challenges and complexities involved in a high net worth divorce.

Our talented lawyers are board-certified family law attorneys. This means you will receive some of the strongest legal advice available, paired with the care and sensitivity that divorce requires. We understand how challenging the situation can be and are prepared to help you work through these difficult decisions. Contact our team today to get the help you need for a high net worth divorce in Leander.