High net worth divorce and family law cases can involve individuals divorcing whose marital estate is worth more than several million dollars, such as highly compensated business owners, executives, doctors, and lawyers. There are many complex financial and business issues that may need the review and advice of experienced professionals who work with divorce and family law attorneys in representing high net worth clients with complex legal matters. Experts may review and report at hearings and trial when issues of finance and business are contested. Experience in negotiating high net worth divorce and family matters is essential, and Board Certified attorneys who frequently represent wealthy clients have the right credentials and connections to maximize results.
Initial issues for determination in divorce cases
The Texas Family Code requires a determination whether property and assets are community property, subject to division in divorce, or separate property to be retained by the spouse who kept that property separate, prior to the marriage, or that which is received through inheritance, gift, or monies received from a personal injury judgment.
When the parties are owners of a business and a spouse contributes to the growth and success of that business, the supporting spouse may be entitled to a greater share of the assets therein. Financial experts are often hired to review business and operating agreements and the value of investments, cash on hand, and goodwill in the marketplace to assign a value to each spouse in a divorce.
Locations of assets and property also present opportunities to examine the best options for clients with property interests and money located not only in the State of Texas, but across the nation and overseas. The laws and procedures in various places can affect the strategy of high net worth divorce representation.
A sample list of complex legal and financial matters:
- Business Issues
- Partnership Agreements
- Owner/Stock Option Agreements
- Business Asset Valuations
- Estate Planning Issues
- Trust and Estate Agreements
- Inheritance Issues
- Retirement Funds
- Property Issues
- Vacation Homes/Out-of-State Property
- Safe Deposit Boxes and Secured Property
- Property Ownership Issues
Litigation can cause concern to clients and it is the attorney’s job to manage results.
Decisions are placed in the hands of divorce and family law litigants, and the right answer might be tough to ascertain at any point in the process. What assets to split, and what to preserve, for future benefit, can require the advice and participation of financial advisors and experts who might be required to appear and testify at hearing or trial on complex matters.
Managing complex divorce and family law litigation can be costly. The managing attorney must balance the client’s best interests with the costs of litigation and the retention and use of proper experts. In many cases, mediation is useful in sitting down to isolate the real issues and matters worth fighting for, in and out of court. When the right issues are identified, the best use of resources can be applied to achieve positive and hopefully amicable results.
Family law issues can also be more complicated when the parties are of significant means.
Family law cases involving spousal maintenance and child support can be more complex when high net worth and high-income earners have more challenges in determining their true monthly income and the needs of children and spouses, where maintenance is at issue. The same challenges in property and asset allocation apply to income determinations. Experienced family law attorneys should be knowledgeable and prepared to navigate complex support negotiations.
Dallas and Collin County Board Certified divorce and family law attorney, Mark Scroggins, along with their team at Scroggins Law Group?advise and represent high net worth and high income earning clients with complex financial and property issues in their divorce or family law matter.
At Scroggins Law Group, our Dallas and Collin County divorce attorneys have more than over 24 years of collective experience with family law cases. When you retain our firm, you can trust that your case is in the hands of a highly skilled, dedicated professional. we understand the unique challenges of a high value divorce case, and more importantly, have the knowledge and experience you need on your side. Call us today to learn more about Texas divorce and family law: (214) 469-3100.