Divorce is a challenging journey for anyone, but when it comes to separating lives that have been intertwined with significant assets, the complexity increases exponentially. High-net-worth divorces are not just about parting ways; they involve a meticulous process of dividing substantial assets fairly.
In the video, Atty. Tyler Monahan and Atty. Heather Ogier of Turner-Monahan PLLC highlights the importance of understanding your legal rights and how expert advice can smooth the path to resolving high-net-worth divorces. All case evaluations are in the light of Texas Family Law. This content is for educational purposes only.
A Closer Look at High Asset Divorces
High-net-worth divorces have been increasingly common, presenting unique challenges beyond the usual custody battles. Unlike standard divorces, these cases often involve substantial assets, including retirement funds and various properties, making the stakes significantly higher. When children are not a factor, the focus shifts entirely to dividing these assets, requiring a more detailed and thorough approach.
The Role of Discovery in Asset Division
In high-net-worth divorces, the discovery process is crucial. This phase involves a detailed exchange of information where attorneys request data from the opposing party. This process is more intensive in these cases due to the substantial assets involved. The goal is to protect one’s financial future, which can make these divorces more contentious and costly as each party seeks to safeguard their assets.
The Importance of Expert Involvement
Experts play a vital role in ensuring a fair and accurate division of assets. From business evaluators to real estate experts and financial advisors, these professionals provide essential insights into various assets, including how to handle restricted stock and other complex financial instruments. Such expertise ensures that all assets are properly accounted for, enabling informed decisions, whether for settlement negotiations or trial preparations.
Legal Support and Expert Access
Clients going through high-net-worth divorces are not left to navigate the complexities on their own. Law firms like Turner Monahan, specializing in these cases, have established networks of trusted experts across diverse fields. Whether it’s oil and gas, stock valuation, or real estate, these professionals are selected for their ability to contribute critical knowledge tailored to the case at hand. This support system, managed by the legal team, ensures confidentiality and alleviates the client’s burden of finding reliable experts.
Understanding Texas Family Code in High-Net-Worth Divorces
Navigating a high-net-worth divorce in Texas involves a deep dive into the Texas Family Code to ensure a just and fair division of assets. Key sections of the code provide the legal framework guiding these complex divorces.
Division of Property: The Just and Right Approach
Section 7.001 of the Texas Family Code mandates a “just and right” division of the estate, taking into account the rights of each party and any children involved. This foundational principle underscores the importance of fairness in dividing assets, which is particularly critical in high-net-worth cases where the stakes are high.
Special Circumstances and Separate Property
Section 7.002 addresses the division of property under special circumstances, including property acquired in another state that would have been considered community property if acquired in Texas. This section also outlines how separate property is determined, emphasizing the distinction between community and separate assets, which is crucial in high-asset divorces.
For example, property acquired by a spouse in another state that would have been the spouse’s separate property if domiciled in Texas is confirmed as the separate property of that spouse. Understanding these distinctions helps ensure a fair division based on the nature of each asset.
Retirement and Employment Benefits
Section 7.003 focuses on the division of retirement and employment benefits, a common feature in high-net-worth divorces. It specifies that the court shall determine the rights of both spouses in pensions, retirement plans, and other financial plans, highlighting the complexity of dividing these types of assets.
Management and Control of Community Property
Sections 3.102 and 3.104 detail the management, control, and disposition of community property during marriage, as well as the protection of third persons dealing with a spouse. These sections are essential for understanding how assets are managed and controlled within the marriage and how they might be divided upon divorce.
Given the complexity of these statutes and the unique nature of every divorce case, consulting an attorney is crucial. An experienced lawyer can help interpret these laws and apply them to the specifics of your situation.
Hire An Experienced Fort Worth, Texas, Divorce Attorney
For anyone facing a high-net-worth divorce, understanding the process is crucial. Turner Monahan Law Firm in Fort Worth is equipped to handle these complex cases. They provide expert guidance and access to necessary resources, making sure you’re prepared for every step of the divorce process.
For those in the DFW area seeking assistance with divorce or child custody cases, our firm is ready to help. You can reach us at 817-332-4477, a number that has remained unchanged for 15 years. Schedule a free, no-obligation consultation with attorney Tyler Monahan to discuss the details.
Check our website for more information about our services. Plus, don’t forget to go through our blog to find out more regarding your case. There is tons of information on divorce and answers to unique questions like “What Is The Process Of A High Net Worth Divorce in Fort Worth, Texas?”
FAQs Regarding Divorce
Divorce cases are unique, so you will have many questions. To save you time and hassle, here are some topics that revolve around the area. For more information, contact our firm, Turner-Monahan, PLLC.
- I Am In The Military. How Should I Prepare For Divorce?
- If A Parent Passes Away, By Law, Does The Other Parent Get Custody Of The Child?
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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 for 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.
