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(833) 553-4251
(833) 553-4251 Schedule a Meeting 
(833) 553-4251
(833) 553-4251 
Schedule a Meeting (833) 553-4251
(833) 553-4251 (833) 553-4251 (833) 553-4251 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.
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:
All property interests, debts, and liabilities must be identified, valued, and divided before a couple can divorce.
Spouses involved in high-asset divorces need 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.
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.
Both parties in a divorce must disclose all assets, domestic and international, to ensure a just and right property division, and yet, asset hiding is a significant issue in high-asset divorces. High-net-worth individuals often have multifaceted financial portfolios, making it easier to conceal assets and potentially gain an unfair advantage in a divorce settlement.
These actions could have significant legal repercussions and lead to financial losses or even criminal charges for the individual engaging in such practices. While it may seem tempting to protect wealth, transparency and honesty are crucial for a fair settlement.
Forensic accountants and legal professionals are adept at uncovering hidden assets. If caught, hiding assets can severely damage a spouse’s credibility in court, making it difficult to be believed in other aspects of the divorce, such as custody or support matters. Red flags that could indicate assets are being hidden include:
Courts may sometimes award a greater share of marital assets to the honest spouse and penalize the spouse who attempted to hide assets. A skilled Austin attorney with extensive experience in high-asset divorces could help prevent asset hiding and ensure a fair property division. A lawyer can utilize legal tools like discovery, forensic accounting, and subpoenas to uncover hidden assets, ensure full financial disclosure, and protect your interests during the divorce process.
High-asset divorces involving out-of-state or international assets present unique challenges and require special considerations. This includes:
Texas courts cannot directly affect the title or ownership of property located outside the state’s jurisdiction. However, they can still address these assets in the property division process through indirect means. A court can compel the party with property abroad to take specific actions that will achieve the desired property transfer or division. This could involve requiring them to sign a deed or other legal documents to finalize the transfer.
The court may also factor the value of the out-of-state or international property into the overall property division within Texas. This approach is viable if the value and nature of the foreign property are accurately established and proven to the court. For a Texas court to make a binding order, it needs personal jurisdiction over the party who owns or controls the property.
Property acquired while residing in another state that would have been considered community property under Texas law is treated as “quasi-community property” in a divorce. Even with a court order, enforcing it in a foreign country can be difficult, as many countries may not enforce U.S. divorce decrees. Additional steps may be required, potentially involving filing legal actions in the foreign country.
Identifying and valuing international assets can be complicated due to varying legal systems, privacy laws, and potential asset concealment. A high-asset divorce lawyer in Austin could utilize the same discovery tools discussed before and work with financial experts to locate and value out-of-state and international assets, while working with counterparts in these jurisdictions to support a just and right division during your divorce.
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 Austin couples should consider other alternatives and consult high-net-worth divorce lawyers.
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.
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.
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