Complex Divorces With Significant Assets
Divorce can be a challenging and complex process for any couple, but particularly so for the wealthy if there is no pre or postnuptial agreement. Perhaps they accumulated significant assets after getting married, or maybe against the wishes of family or business partners, the couple chose not to do a prenup. Now the marriage is dissolving and it will take serious work to sort it out.
The experienced family law attorneys at Young & Libersky can be a tremendous help to couples filing for divorce in Temple, Killeen and the surrounding areas. Barbara Young and Lynn Libersky can help you avoid costly mistakes when there are complex property division, significant assets, business valuation, stock holdings and retirement accounts to consider. Once all assets have been determined and valued, we formulate an effective plan that works toward a positive resolution.
Common Concerns For All Couples
Any divorce can include resolution of the following issues:
- Custody: There are different options that include joint custody, legal custody and sole custody.
- Determining marital property: Generally speaking, marital property is any assets accumulated during the marriage, unless it is inheritance or gift. Texas is a community property state so the courts do not divide assets 50-50, but follow an approach that is appropriately right or just.
Common Concerns In High Net Worth Divorce
The above issues are extremely important, but there are additional concerns when couples with extensive assets get divorced. Our knowledgeable lawyers have experience resolving issues in the following areas:
- Child support: Families accustomed to a certain lifestyle may want to include private schools, expensive hobbies and activities, or travel.
- Value of the estate: We are equipped with the in-depth financial knowledge to value domestic and foreign assets.
- Locating hidden assets: Unfortunately, some spouses try to gain an advantage by hiding assets in offshore banks or foreign accounts. We can find them.
- Stock options and retirement benefits: These will pay out at a future date, but should be considered during negotiations.
- Spousal maintenance or alimony: Typically, couples must be married 10 years. There are different types of alimony, but in cases of high-asset divorce, the support needs may be much higher.
- Sealing court records: Once couples go to court, sensitive personal information such as income or grounds for divorce are a matter of public record. Both parties must agree to move forward with sealing the court records.
We generally try to negotiate or mediate high-asset divorces, believing that most families are best served when a resolution is achieved in a collaborative manner. It should be noted that since court proceedings are open to the public, out of court settlements also provide the benefit of keeping the entire matter private. However, this approach is not always realistic for protecting your individual and parental rights, so we always prepare as if we are going to court.