Complex High Net-Worth Divorce Attorneys in Tarrant County
Each divorce case is unique, though Texas law requires all divorcing spouses to divide their community property before the judge issues the final divorce order. Some spouses might not have significant assets or property, so the division might be relatively straightforward. In other cases, however, spouses might have amassed significant and complex assets, which can make this aspect of the divorce process more complicated and possibly contentious.
If you and your spouse have a high net worth and you are considering divorce, it is critical that you have the right Hurst complex high net-worth divorce lawyer representing you from the start. Contact Hoppes Family Law for more information right away.
Community vs. Separate Property
Texas is a community property state that requires all of the spouses’ community property to be divided in a just and right manner as part of the divorce process. The first step of property division is to identify which property and assets are community or separate property. This is called “characterization.” Characterization is critical to a just and right division of marital property.
Community property is what you and your spouse acquired during the marriage. This is true even if the property is only in one spouse’s name. This includes real property, income, personal property, and other assets, and you must decide how to divide everything in a manner that is just and right. Texas presumes that all property in existence at the time of divorce is community property.
On the other hand, separate property is that which you each owned prior to marriage, or that you received as your own inheritance or gifts during the marriage, and kept separate from your community property. Each spouse retains their own separate property in a divorce. The spouse claiming separate property has the burden to prove the asset is, in fact, separate property. This is accomplished using statutory presumptions, case law, documentation and tracing. Hoppes Law Firm is experienced in separate property claims and often works with reputable experts to achieve an appropriate outcome of property distribution.
Factors that Can Complicate Property Division
Valuation is another key to a just and right division of property. Certain assets such as closely held business interests, stock options, restricted stocks, some royalty payments, signing bonuses and compensation structures can be extremely difficult to value appropriately. Experienced divorce attorneys often work with experts such as business valuators, appraisers and financial professionals to help establish the appropriate value of an asset to accomplish a just and right division.
There are many types of assets and property that can make the division more challenging. Some examples include:
- Business interests
- Rental properties
- Commercial property
- Multiple residences
- Multiple vehicles
- Complex investment portfolios
- Trust distributions
- Offshore accounts
- Jewelry, art, or other collections
- Costly designer clothing or accessories
- Retirement accounts
If you have complex property and assets, it is important to have an attorney who regularly works with clients who have a high net worth. Our legal team knows how to address particular concerns in this type of case, including:
- Examining and applying pre or postnuptial agreements
- Identifying whether a spouse might be hiding assets
- Valuation of business interests and other property
- Addressing the matter of spousal support
- Handling qualified domestic relations orders (QDROs) for retirement income
These cases often require complicated negotiations regarding property division, which might lead to mediation or even litigation. We are prepared to protect your property rights and interests every step of the way.
Protect Your Assets by Working Closely with an Experienced Hurst Divorce Attorney
If you are facing a complicated, high net-worth divorce, protecting your just and right share of your community property and assets is critical. The divorce attorneys at Hoppes Family Law are on your side and have extensive experience helping clients like you successfully navigate complicated high asset divorces. We proudly serve all of Tarrant County, Texas, including Hurst, Bedford, Colleyville, Keller, North Richland Hills, Southlake, Fort Worth, Arlington, and Richland Hills, so please do not hesitate to contact us online or call us at 817-283-3999 today.