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Frisco High-Asset Divorce Lawyer

Dallas County high-asset divorce attorney

Attorney for Divorces Involving Couples With High Net Worth in Collin County

A divorce is a difficult experience for any couple, but it can be especially complicated for a couple with a high net worth. It perhaps goes without saying that more complex, high-value assets can be more challenging to divide between spouses, but you may be surprised to learn that a high net worth can also complicate decisions related to spousal maintenance and child support. Trying to address all of these issues on your own can leave you at a significant disadvantage.

However, with the help of an attorney, you can better protect your financial interests and work toward a resolution that leaves you with greater control over your most important assets and provides you with a more stable foundation for the future. At the Law Office of Philip W. Moore, Jr., our 20 years of legal experience allow us to confidently handle even the most complicated financial matters in a divorce. We will take the time to understand your needs and develop a strategy to help you meet them.

Property Division in a Texas High Net Worth Divorce

In many high-asset divorces, a significant portion of the value is held in the spouses' community property. This is especially true when the couple has been married for many years and most of their assets were acquired during their marriage. Any community property may be included in the division of assets, and for couples with a high net worth, this can lead to some unique complications.

For example, assets like businesses and real estate properties will need to be properly valued by appraisers or other financial professionals to determine their impact on the larger division of marital property. You and your spouse may also face difficult decisions regarding whether to sell these properties, attempt to buy out the other spouse's share, or work out some sort of ongoing joint ownership agreement.

Investment portfolios and retirement accounts that qualify as community property can also present challenges. Selling stocks, bonds, and other investments at an inopportune time can result in substantial losses, and the same is true for making withdrawals from a retirement account before a spouse has reached a certain age. With this in mind, it may be a good idea to consider other solutions. For example, you may decide to divide investment shares with your spouse rather than liquidating them first. For a retirement account like a 401(k) or pension, you can use a qualified domestic relations order (QDRO) to make a transfer between spouses without incurring penalties.

Keep in mind that you may be able to retain greater control of your assets if you and your spouse have a prenuptial agreement in place, or if you can reach an agreement on how to fairly distribute your assets during the divorce process. If you leave the decision up to the court, you could be ordered to sell or give up a valuable asset against your will.

Child Support and Spousal Support in a High-Asset Divorce

In cases when most of a couple's net worth comes from one spouse, maintenance and child support can also be points of contention. Texas law does not recognize a spouse's need to maintain an accustomed standard of living as a qualifier for spousal support, so maintenance may be unavailable unless a spouse can demonstrate that they require it in order to meet their minimum reasonable needs. Additionally, Texas guidelines put a cap on the amount of both spousal support and child support that a person can be ordered to pay each month. If you know that your spouse is capable of providing more support, you may want to try to negotiate an alternative agreement with your spouse or petition the court for a deviation from the guidelines.

Contact a North Texas High Net Worth Divorce Attorney

If you are concerned about protecting your assets or remaining financially stable after your divorce, we can help. For a free initial consultation, contact us today by calling 972-954-6455. We represent clients throughout North Texas, including Collin County, Denton County, Dallas County, Tarrant County, Hunt County, Rockwall County, Sherman County, Frisco, Dallas, Denton, Plano, McKinney, Prosper, Little Elm, The Colony, and the surrounding areas.

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