Southlake High Asset Divorce Lawyer

One Of The Best High Asset Divorce Lawyers In Southlake, Tx

What is Considered a High-Asset Divorce?
When going through a divorce with substantial assets at stake or involving a spouse who is considered a high-net-worth individual, you need an experienced attorney to protect your financial future.

Special financial issues are often in play with high-asset divorces, such as separate property tracing, property valuation, vesting and transferability restrictions, and undesirable tax consequences.

High-asset divorces are not specifically defined in Texas law. This is a term of art used to label divorces that often include one or more of the following characteristics:

  • Significant liquid assets, including stocks and mutual funds, that exceed at least $1 million.
  • Business ventures in corporations, professional associations, or other entities.· Compensation or payment structures that include stock options, bonus plans, and nonqualified deferred compensation plans.
  • Ownership interests in multiple pieces of real estate, including vacation homes, income-producing rental homes, and commercial real estate holdings.
  • Family wealth outside of the marriage, including inheritance and trusts.The divorce lawyers at Mims Ballew Hollingsworth (some of whom hold the prestigious and selective title of being board-certified specialists in family law) are experienced in navigating through the intricacies of a high-asset divorce and have successfully represented many high-net-worth clients including corporate executives, professional athletes, business owners, doctors, lawyers, and spouses of these individuals.

Whether you are a high-net-worth individual or the spouse of one, you need a skilled Southlake high asset divorce lawyer that you can feel confident in to protect your financial future.

Valuing Property in High-Asset Divorces

If you are a high-net-worth individual your earnings often include more than a traditional salary and 401(k) plan. Your income may be supplemented with restriction stock options, bonus plans, equity shares, and nonqualified deferred compensation plans.

Your assets are also often diversified from standard financial accounts and retirement (e.g. checking and savings, 401(k) plans, and individual retirement accounts), and can include commercial real estate, intellectual property, business ownership and interests, long-term investment portfolios, and even collections such as high-value wine and artwork.

Valuing these forms of compensation and property add to the complexities of a high-asset divorces. It is not always as simple as reading an account balance on a statement, especially when it comes to business interests and income-producing properties. There may also be tax implications, such as capital gains tax, that should be assessed when determining the value of property. Our divorce attorneys will work with you and financial professionals to ensure your assets are properly valued to reach an equitable division of property.

Confidentiality During a High-Asset Divorce

There may also be confidentiality concerns in play during a high-asset divorce. You or your spouse may be considered a high-profile individual (e.g. athlete, celebrity, politician, etc.) and desire not to have your divorce play out in a courtroom open to public viewing. You may have ownership in a business entity that needs to keep its trade secrets and operations confidential. Or you may simply have extensive assets and desire not to make this information public and part of a court records.

Certain considerations should be taken when confidentiality is a concern during a high-asset divorce. These include discovery control plans, confidentiality orders that prohibit the disclosure of certain information, sealing court records, and alternatives to litigation that allow for resolving your disputes behind closed doors and away from public viewing.

The “Non-Monied” Spouse

If you are not the primary earner in your relationship, or if you are a spouse who does not work at all, you may not understand how your spouse is compensated or how they have invested your earnings. Our divorce attorneys will work with you to ensure you understand your financial circumstances.

As the “non-monied” spouse your partner may have sole control over your family’s finances and not even provide you with access to accounts. This can contribute to concerns that your spouse may be hiding money, and during a divorce can cause distrust that your spouse is fully divulging information regarding your estate. Addressing this issue is something our divorce lawyers have extensive experience handling. We will develop a game plan with you for your case to conduct discovery and ensure all property is accounted for and no stone left unturned when it comes to dividing your estate. If necessary, we can enlist the services of a forensic accountant to assist with tracing and finding assets your spouse may want to keep hidden during your divorce.

Children in High-Asset Divorces

Children of high-net-worth individuals often are accustomed to a different lifestyle than other kids. This can include attending an expensive private school, participating in costly extracurricular activities, and going on extravagant vacations.

If only one spouse is a high-net-worth individual and the children live primarily with the other spouse, then child support guidelines may not be sufficient to cover the expenses associated with this lifestyle after divorce. This can open up the potential for the custodial parent seeking child support that exceeds the statutory maximums.

Whether you are the spouse of a high-net-worth individual and would like your children to continue with the lifestyle they are accustomed to (e.g. remaining in the same private school or continuing with extracurricular activities they enjoy), of you are a high-net-worth individual who wants to avoid paying more than what is appropriate, it is important to meet with an experienced Southlake high asset divorce lawyer who understands your circumstances and will be prepared to effectively present arguments to support your position.

Looking For A High Asset Divorce Lawyer Near Your Location?

If you want to end your marriage and you are looking for a high net worth divorce lawyer near you, you should contact Mims Ballew Hollingsworth. Our group of skilled attorneys in Southlake Texas are backed by years of experience and will get the best possible outcome. Contact today and schedule a consultation.

Can I stop a Divorce Once It Has Been Started?

A contested divorce or family law case does not require costly litigation in a public courtroom. You can resolve contested issues through alternative dispute resolution, such as collaborative law, mediation, or arbitration.

These alternatives are often more cost-efficient when compared to going to court, and can result in a faster resolution to your case (in large counties it is not uncommon to wait over a year before having a final trial due to the court’s docket).

Alternative dispute resolution methods, including mediation, are also confidential and do not take place in a courtroom that is open to public viewing. This can be beneficial for divorces and family law cases involving high-profile individuals (e.g. athletes, celebrities, politicians, etc.) or topics of a sensitive nature (i.e. business trade secrets or high-asset divorces).

Collaborative law is a confidential method of resolving a divorce of child custody case where parties work together through joint sessions with the help of specially trained professionals to assist with resolving financial and parenting issues. The focus is on finding mutually beneficial solutions and with sharing information that would normally be kept confidential during litigation. Collaborative law is unique and may not be right for everyone, but for some it is an effective method to lessen conflict.

Just because your divorce or child custody case is contested does not mean it needs to become high conflict and involve costly public court hearings. The family law attorneys at Mims Ballew Hollingsworth can talk you through these options and develop a plan for resolving your case in a through alternative dispute resolution.

How Will Custody be Decided?

When parents can agree on who their children will live with, how to share in rights and decision making, and a parenting time schedule, the Court will often approve this agreement. If parents cannot agree, then the Judge will make custody decisions based on what they believe is in the best interest of the children.

The following factors are frequently considered by Courts in determining a child’s best interest: parenting abilities, plans for the child, home stability, your child’s desires, your child’s emotional and physical needs, and whether there is a concern of emotional and physical danger to your child.

Custody orders in Texas are referred to as a parenting plan. The parenting plan addresses issues such as who your child will live with, what rights each parent has, where your child will go to school, and how the parents will share possession. The parenting plan can be very detailed and address concerns or issues unique to your child. If a parent has problems with drugs or alcohol, this can be addressed in your parenting plan to assure the safety of your child. If your child has special needs, these can be addressed in your parenting plan to assure that your child is properly provided for.

If you are involved in a child custody case, you need an attorney who will fight to protect you and your child’s future. The child custody lawyers at Mims Ballew Hollingsworth have more than 75 years of experience helping families navigate through the family law system, and we will work with you to develop a customized gameplan for your case and for reaching your goals to protect your child.

Contact Us Today!

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    817-900-8330

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      I highly recommend this law firm. I have had Brian and Kelly both represent me in now three seperate cases. They are men of integrity that are very prompt to answer questions and get back to you on important matters. They have always been well organized and stayed on top of the important information relevant to my cases. ...

      Loyd Camp
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      Timothy Alexander did an exceptional job handling my divorce case. He was extremely prepared, very informative, and he made sure I was always kept in the loop. His professionalism, guidance and empathy tremendously helped during what could have been a much more difficult time. I was so pleased with the final outcome and ...

      Donna DeTomaso
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      Highly recommend this law firm. Andrew McAlester goes above and beyond for his clients. He’s very resourceful and prompt in communication. I always refer Mr. McAlester to my family and friends in their time of need because I trust his judgement and I know he has his clients well being at the forefront of everything.

      William Hawthorne
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      Tim Alexander represented me during my divorce. His compassion, empathy and communication during the process helped keep additional stresses out of an already stressful situation.

      C Grucza
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      I highly recommend this firm. I mainly worked with Andrew McAlester. Andrew was super helpful and courteous during a very stressful situation that I found myself in. Thanks for everything!

      Dante Martinez
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      Timothy Alexander is an amazing lawyer. He helped me with everything I needed to do to get my divorce final in a very short period of time. I always try to refer to him when anybody asks for a divorce lawyer. Thank you for everything you’ve done.

      Autumn Colson
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      Kelly & Brian helped us in our child custody case and I am very pleased by their work. Our case ended up last almost 2 yrs due to COVID, however they were very easy to communicate with and constantly kept us up to date on our case and the courts. I would highly recommend them if you are needing a great custody lawyer ...

      James Homerstad
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      Mr. Alexander was the utmost professional. He was timely in his communication and very thorough in his answers. His approach helped make a difficult situation tolerable. One thing I greatly appreciated is that he did not just tell me what I wanted to hear. He would offer suggestions and allow me to make the final decisio ...

      Heather Varon
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      Kelly & Brian were amazing attorneys. I came to them when I really needed help with child custody issues, and they were committed to reaching the best possible outcome. I am writing this to express my most sincere thanks, and gratitude for their professionalism. They stuck by me through the last year in dealing with ...

      Misty Benson
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      Things happen and you need someone to tell it to you straight. Andrew McAlester is someone I trust to help me navigate through these difficult times.

      Phuc Lam