Divorce is already complex enough without having to divide valuable assets. However, when a couple has a lot of assets, such as their businesses, real estate, and luxury items, things can get even more complicated.
To get an outcome that is in your best interest, you must be aware of all the laws and other information to approach the process in the right way possible. So, if you and your spouse acquired significant assets over the course of your marriage or came into the marriage with valuable assets and you are now getting divorced, you must seek assistance from an experienced divorce attorney.
In the video, Atty. Tyler Monahan of Turner-Monahan, PLLC, tells us about the types of claims the parties can make, the external advisors that can be involved in the process, and some insights about the overall approach.
Contact the Turner Monahan law firm, as the lawyers are capable of preserving your assets. All case evaluations and suggestions our attorneys make are in the light of Texas Family Law.
High-Net Wealth Divorce Cases
Often, Turner Monahan, PLLC, has clients who could be considered high-net-wealth individuals. Their cases probably have many more intricacies in regard to assets and debts.
These cases involve a lot of emotion, especially when dealing with money. So anytime we have a high net wealth individual looking to retain an attorney, we make sure we sit down with them.
Generally, there are reimbursement, separate property, waste, fraud, and reconstitution claims. The attorneys make sure to analyze each of these in detail. Many times, experts are involved in such cases.
That is because it is crucial to understand the client’s entire financial perspective and sometimes even meet with their financial advisors to determine exactly where things are. The reason is that it’s difficult to advise high-net-wealth individuals on what is essentially called topical subject matter.
At Turner Monahan, we dive deeper into the details to determine the two parties’ true financial perspectives and positions to determine how things will move forward regarding high-net-worth individual cases.
The Issue Under The Light Of Family Code
The Texas Family Code elaborates that any property acquired during the marriage will be community property.
According to the Texas Family Code, chapter 3, Marital property rights and liabilities, Sec. 3.002: “Community property consists of the property, other than separate property, acquired by either spouse during marriage.”
As for the separate property, there is a set of criteria that can mark certain assets as private possession. Chapter 3, Sec. 3.001 of The Texas Family Code states that a spouse’s separate property consists of:
- The property owned or claimed by the spouse before marriage;
- The property acquired by the spouse during marriage by gift, devise, or descent; and
- The recovery for personal injuries sustained by the spouse during marriage, except any recovery for loss of earning capacity during marriage.
You and your attorney must determine whether an asset is part of the community estate or your separate property. Your attorney can help you determine this by tracking the funds that were used to buy an asset.
Furthermore, your lawyer will provide you with a more objective assessment of whether an asset is your separate property. Therefore, your lawyer’s advice and counsel are vital in such matters.
If you have more questions related to the topic or a different situation, such as what is the difference between prenuptial and postnuptial agreements?, then you can get in touch with the Turner-Monahan PLLC to discuss your case.
Hire An Experienced Texas Family Attorney
Retaining an attorney specializing exclusively in family law and with sound financial knowledge is best. Tyler Monahan graduated from the M.J. Neeley School of Business at Texas Christian University in Fort Worth, Texas, and attended Rice University in Houston, Texas, completing the Certified Financial Planner Certification Education Program.
Prior to joining Turner-Monahan, PLLC, he was a Financial Advisor for RBC Dain Rauscher (RBC). At RBC, he handled complex estate planning issues for high-net-worth individuals and worked closely with estate planning attorneys and CPAs.
At Turner-Monahan, PLLC, our clients have praised us as the best divorce attorneys in Fort Worth, TX. We are confident that we can assist you in creating and implementing a solution that can benefit all immediate family members involved in your divorce. Schedule a free consultation to go over your case details.
In addition, check our website for more information about our services. Go through our blog to find out more regarding your case. There is tons of information on divorce and answers to unique questions like does it matter who files for divorce first?
Disclaimer
The commentary and opinions are for informational and educational purposes only and not to provide legal advice. You should contact an attorney in your state to obtain legal advice concerning any particular issue or problem. You can become a client and enter the attorney-client privilege only after hiring Turner-Monahan, PPLC, by signing a written retainer agreement.
