The process of going through a divorce is rarely an easy one. However, certain divorces are much more challenging than others. Often, these involve couples with a higher net worth, a business, or other situations that make the divorce more complex. The more complex a divorce is, the more issues there are to work out and the greater the potential for disagreement.
Whether there are complications related to property division or because you have a particularly acrimonious relationship with your soon-to-be ex, you will need a skilled Austin divorce attorney to guide you through the process. After taking the time to learn about your priorities in a divorce, our team will advocate for your rights and interests. For each of our clients, our goal is to help them achieve the best possible outcome, whether through negotiation or litigation.
At the Law Office of Jason Wright, we represent individuals in complex and high net-worth divorces throughout Travis County. Our founding attorney, Jason Wright, takes a practical approach to divorce, encouraging his clients to focus on what is most important to them, their children and their future. As a skilled negotiator and litigator, attorney Wright can effectively resolve even the most complex divorce cases, whatever the level of agreement between you and your spouse.
All divorces present some issues that can be hard to resolve, especially when spouses can agree on very little. However, divorces involving the following add an extra layer of complexity:
• Valuation of a business
• Dissolution of a business
• Dividing rental properties
• Dividing assets in a retirement account
• Uneven income between the spouses
• Pre-nuptial or post-nuptial agreements
• Tax implications
• Foreign assets
• Dividing stocks, bonds and other financial instruments
These matters can be complex for several reasons and often require assistance from a professional or expert witness. For example, in some situations, the court may need to hear from an expert witness when determining the valuation of a business. In other cases, assets cannot be easily sold, and the parties (or the court) must devise an arrangement taking this into account. Some spouses hide assets during a divorce, requiring the assistance of a forensic accountant.
High net-worth divorces are often more challenging than other types of divorces simply because there are more assets to argue over, and more difficulty in valuing those assets. If a couple did not have a prenuptial or postnuptial agreement, then they will have to go through the legal process for dividing assets. Our law firm is skilled at handling high-net-worth divorces, using a team of experts and our own experience to protect our clients’ interests.
Regardless of which spouse’s name is listed as the property owner, the presumption under the law is that once a petition for divorce has been filed, all property obtained during the marriage is “community property.” Community property does not simply mean that spouses own “half” of all the assets—but rather that spouses own all of the assets equally and that they are equally responsible for all community debts.
When it comes to property division, the courts can only divide community property (sometimes referred to as marital property). However, assets that either spouse owned before entering into the marriage, assets that were gifted to one spouse during the marriage, or assets that were inherited during the marriage are considered separate property. Separate property is not divided between the spouses, and the spouse who originally owned the assets will retain full ownership.
Under Texas community property laws, there is a presumption that any property that is possessed by either spouse at the time of divorce is community property. A party wishing to establish something as their separate property must show the court by providing “clear and convincing” evidence. This is a fairly high burden of proof.
Once assets and debts are properly characterized as either separate or community property, the next step is to assign a value to each piece of marital property. In a typical divorce, this might be a relatively straightforward process – the couple’s jointly-owned home can be appraised, and each spouse’s retirement and other bank accounts can be tallied. In a high-net-worth divorce, the process is often far more challenging.
High net-worth divorces often involve assets that are more difficult to value. The community property can include:
It is also more common in high-net-worth divorces for one spouse to accuse the other of hiding assets. For this reason, it isn’t unusual to hire a forensic accountant to track and trace assets. Our law firm also works with real estate appraisers and other financial experts to ensure that each jointly-owned asset is properly valued.
Although Texas is a community property state, that does not mean that the marital property is divided down the middle, 50-50. Instead of an equal split, the focus is on dividing the assets equitably. The parties are entitled to a “just and right” division of the community estate. Factors the court will consider when dividing community property include:
Most people, particularly couples with significant assets, don’t want to leave property division up to the courts. There are no guarantees with litigation, and you cannot always predict what a judge might believe to be “just and right.” Even when it may seem impossible, working out a written settlement agreement is often the best way to resolve property division in a high-net-worth divorce.
With a settlement agreement, the parties work through their lawyers, often with the help of a mediator, to divide their property in a way that they believe is fair and just. This also allows the spouses to prioritize what they want most. For example, if you love your family’s lake house but don’t care about moving out of the marital house, then that might be a negotiating chip.
Our Austin high-net-worth divorce attorneys will work with you to understand exactly what your goals are when it comes to property division. We will then develop a strategy that is designed to maximize your priorities while minimizing stress. Our team will then work to develop a settlement agreement that complies with Texas law for court approval.
While the type and amount of a couple’s assets play into whether a divorce will be complex, sometimes even a seemingly straightforward divorce can become complex if the spouses cannot agree on anything. Additionally, if one spouse suffers from a mental health issue, including addiction, the process can become much more complicated.
High-conflict divorces happen at all income brackets. Your soon-to-be ex might have a personality type that makes it difficult to negotiate. For example, they may have difficulty giving up control, or they may blame you for the divorce and want to punish you. They may also just have a lack of emotional regulation that can make it difficult to deal with them in a divorce.
Many people who are married to a person with a high-conflict personality may feel like they are in an impossible situation – they don’t want to stay with them, but dread going through a grueling divorce process where their ex fights over every little thing. Fortunately, it is possible to navigate the situation and reduce the amount of conflict in a divorce.
Working with an experienced attorney can help spouses bridge the gap between themselves and their spouse in hopes of working out some of these issues, understanding that if an agreement cannot be reached, the judge will end up resolving the issues.
Our law firm works with clients in high-conflict divorces to help them come up with a strategy to deal with their ex. This includes being frank about who they are dealing with and settling on a way to respond to them to lower the overall level of acrimony. This doesn’t mean that you give in on everything to avoid conflict, but that you essentially pick your battles.
It can be difficult to maintain calm and focused when your spouse is triggering you. An Austin divorce lawyer can help you develop a plan for dealing with your ex while working on a settlement that advances your interests. We understand how difficult some personalities are to deal with and are here to help you throughout each stage of the divorce process.
Complex divorces can often take more time to resolve, particularly when one spouse refuses to be reasonable. Whenever possible, we will work to resolve your case through negotiation or mediation to reduce cost and stress. If necessary, we will take your case to trial to protect your rights and interests.
If you are in the process of a complex or high net-worth divorce, reach out to the Law Office of Jason Wright. At the Law Office of Jason Wright, we help individuals effectively navigate even the most complex and challenging divorces. Attorney Wright takes a practical approach to every divorce case he handles, listening to his client’s needs every step of the way. When possible, he will work with your spouse and their attorney to come up with a favorable agreement. However, as an experienced litigator, he is comfortable in the courtroom when an agreement is off the table. To learn more and to schedule, a confidential consultation with Attorney Wright, call 512-884-1221 today. You can also reach us through our online contact form.
“Jason is very professional and friendly. He patiently explained everything as many times as I needed and made the law easier to understand. Gave great advice and listened to all of my suggestions walking me through if they would work or not.”
Jami L
To get in touch with us, give us a call at 512-884-1221 or submit the form below. We are committed to zealously working to find the solution that is best for you and your family.
