Austin High-Asset Divorce Lawyer

High-net-worth couples often find their wealth makes divorcing more complicated than it would be if they had less at stake. Complex and high-net-worth divorces require specialized knowledge and skills from an experienced divorce attorney.

An Austin high-asset divorce lawyer at Kimbrough Legal PLLC understands the complexities of asset division in these matters. Our firm recognizes that financial privilege does not insulate you from the emotional turmoil of a divorce.

Asset Division When a Couple Has Complicated Finances

In a community property state, each spouse has an equal claim to all the marital property, except anything either spouse owned before marriage, inheritances, and gifts one spouse received during the marriage. Everything else is marital property and subject to division.

High-net-worth couples often have various holdings that might include:

  • Trusts
  • Stocks
  • Real estate
  • Partnerships
  • Collections like art
  • Business ownership interests
  • Retirement accounts and pensions
  • Deferred compensation agreements
  • Intellectual property such as music rights or patents

All property interests, debts, and liabilities must be identified, valued, and divided before a couple can divorce.

A spouse involved in a high-asset divorce needs an attorney in Austin with a network of real estate specialists, appraisers, forensic accountants, tax experts, business valuation professionals, and others to ensure a proper valuation of the community assets. Once the professionals have weighed in, negotiations regarding a fair division can begin.

The Impact of Marital Agreements

Judges in a community property state typically divide the marital property evenly or close to 50/50 unless there is a reason to favor one spouse over the other. Texas Family Code §7.001 requires the judge to impose a property division scheme that is just and right.

Couples can enter premarital or postnuptial agreements that describe how they will divide their property in a divorce. Marital agreements allow the couple more control over which property they can keep separate and how they choose to divide the property they acquired after they married.

Judges honor marital agreements when the agreement is in writing and signed, and both spouses entered the agreement voluntarily after a complete mutual disclosure of assets and debts. However, courts can invalidate a marital agreement when honoring it would be grossly unfair or cause one party hardship. An Austin high-asset divorce attorney could advise a spouse about challenging or defending a marital agreement.

Staying Out of Court is Often the Best Option

High-net-worth couples are often prominent in their community. Even when they are not in the public eye, privacy might be a priority for personal, business, and security reasons. Divorce filings and trials are public, so wealthy couples should consider other alternatives.

Meditation is completely confidential and helps many couples resolve their financial issues and make agreements concerning their children. Mediation in a complex divorce often requires multiple sessions over several months, but it offers the couple far more control over the outcome than taking a dispute to court.

Arbitration is another method of settling a divorce privately. Both spouses agree on an arbitrator, often a retired judge, to hear their divorce dispute and agree to abide by the arbitrator’s decision. The hearings are like court hearings but less formal and private. Arbitration is often less expensive and much quicker than a divorce trial in a court.

Engage an Austin Attorney to Guide You Through a High-Asset Divorce

Any divorce is emotionally grueling, but the complexities of a high-net-worth divorce can amplify the stress of an already challenging time. You can make the process easier by working with a skilled Austin high-asset divorce lawyer at Kimbrough Legal PLLC.

We are ready to advocate for your rights and support you in obtaining a fair settlement that positions you to move on to a fulfilling life. Reach out today to get started.