High net worth divorces
When your liquid assets exceed one million dollars there are unique elements of a divorce that require a sophisticated divorce lawyer experienced in high net worth divorces. Mark L. Scroggins is Board-Certified in Texas family law and is experienced in complex and high conflict divorce and family law cases involving wealthy Dallas families with unique concerns.
Financial assets and liabilities
When wealthy couples divorce, their assets are often invested in financial funds, companies and land or real estate. Where money is invested and not liquid, there may be more work involved in obtaining proper valuations. For example, if $2,000,000 is invested in a business and is represented by shares or percentage ownership, an expert may be used to determine the present value of the investment and what liabilities may affect its value. The timing of valuation and the ability to access or liquidate investments requires that an experienced high net worth divorce attorney advise and represent the wealthy party in their divorce.
Especially when one party has greater knowledge and access to family finances and accountings of assets, there may be money hidden from the other in high net worth divorces. Some people may hide liquid assets over time in safes, bank deposit boxes or other locations where the other spouse may not have access. Obviously, people do not list hidden money in their discovery answers and when the other spouse suspects there are hidden assets your divorce lawyer may need to use investigators and send subpoenas for known financial records. When there is a concern that money may disappear, there are procedures your high net worth divorce lawyer can use to freeze accounts and prevent the sale or transfer of assets.
Child support and spousal maintenance
Most middle-class divorces are rather straight forward in calculating child support and spousal maintenance if it applies. In Texas, child support is calculated based on the number of children, at 20 to 40 percent of the support obligor?s net monthly resources, using the guidelines in the Family Code. The family code child support guidelines assume monthly income not greater than $7,500.[i] In high net worth divorces the obligor with monthly net resources more than that amount, and the amount of the child support obligation can be determined based on the ?proven needs of the child,? which can require an investigation into existing and anticipated needs. Being represented by an experienced high net worth divorce lawyer in Dallas, Texas is important to getting everything lined up right the first time to reduce the need for future modifications.
In marriages longer than 10 years, and under special circumstances such as disability, family violence and more, there is a maximum maintenance amount in the Texas Family Code of 20 percent of the gross monthly income of the spouse paying spousal maintenance up to $5,000.[ii] Note that the court does not automatically order the maximum amounts and it is necessary for your divorce lawyer to prove your eligibility and need for maintenance and for how long you may receive spousal maintenance.
Board-certified in family law
Mark L. Scroggins is Board-Certified by the Texas Board of Legal Specialization, which requires a significant amount of specific experience in high-conflict and complex divorce and family law matters. High net worth divorces require the right experience that matters to preserve your rights and your money. For a consultation or to learn more call Scroggins Law Group in Dallas by dialing (214) 469-3100.