When facing a high net worth divorce in Texas, the financial stakes are often significantly higher than in a typical divorce case. With complex assets, business interests, and a host of legal considerations, it is crucial to have a skilled Texas family lawyer by your side.
With more than 25 years helping Dallas-Fort Worth clients with their high net worth divorces, we at Coker, Robb & Cannon are well aware of the significant stakes in these cases.
Key strategies for handling a high net worth divorce
Let’s explore key strategies for handling a high net worth divorce and discuss how a knowledgeable attorney can help you achieve the best possible outcome.
1. Conduct a thorough inventory of assets
In all divorces, but especially in a high net worth divorce, it is essential to have a comprehensive understanding of all marital assets, including real estate, investments, retirement accounts, and business interests. Your Texas family lawyer will work with you to identify and value these assets, ensuring that nothing is overlooked during the division process, and will help you find valuation experts, who are experienced in family law cases and well known by the Judge in your case.
2. Protect your separate property
Texas is a community property state, which means that assets acquired during the marriage are generally considered marital property. However, certain assets, such as gifts, which can be significant in high net worth cases, inheritances or property owned before the marriage, may be classified as separate property. A skilled attorney can help you trace and protect your separate property, safeguarding your financial interests.
3. Seek expert valuations
High net worth divorces often involve complex assets, such as closely held businesses, professional practices, or unique real estate holdings. Our lawyers at Coker, Robb & Cannon will collaborate with experts, including forensic accountants and business valuators, to accurately assess the value of these assets and ensure a fair division. It is important that these experts are not just highly skilled, but that they also are experienced doing their work in family law litigation situations, in which their every action and conclusion may be closely scrutinized and even attacked.
4. Consider tax implications
The division of substantial assets in a divorce can have significant tax consequences. A knowledgeable family lawyer will work with tax professionals to analyze the potential tax ramifications of various property division scenarios, helping you make informed decisions that minimize your tax liability.
5. Explore alternative dispute resolution
Litigation can be costly, time-consuming, and emotionally draining, especially in high net worth cases. Your attorney may recommend alternative dispute resolution methods, such as mediation or collaborative divorce, to help you and your spouse reach a mutually beneficial agreement while maintaining privacy and control over the outcome. In these situations, it is important that your lawyer is experienced and knowledgeable as to the best mediators and collaborative professionals in the area.
Why enlist the help of a skilled Texas family lawyer
Enlisting the help of a skilled Texas family lawyer is particularly important in high net worth divorce cases for several reasons:
1. Expertise in complex property division
Texas family lawyers who regularly handle high net worth divorces have the knowledge and experience necessary to navigate the intricacies of asset division. They can help you understand your rights, protect your interests, and work towards a fair and equitable settlement.
2. Strategic negotiation and advocacy
A good family lawyer will be a strong advocate for your interests, both in negotiations and, if necessary, in court. They will develop a customized strategy tailored to your unique needs and goals, working tirelessly to secure the best possible outcome for your case.
3. Access to a network of professionals
As mentioned above, high net worth divorces often require the input of various experts, such as financial advisors, real estate appraisers, and mental health professionals. A well-connected Texas family lawyer can provide access to a trusted network of professionals who can support your case and help you make informed decisions. At Coker, Robb & Cannon, we work with dozens of highly skilled experts every year and work hard to maintain relationships with many experts considered among the best in their field.
4. Working to maintain your privacy
High net worth clients are often targets for media and paparazzi. Celebrities, influencers, business leaders and professional athletes are often just as concerned with keeping their divorce case out of the media as they are in the actual outcome of the divorce. Experienced family lawyers can provide options for minimizing or eliminating media scrutiny, especially if both parties are interested in cooperating in that regard.
When facing a high net worth divorce in Texas, working with an experienced family lawyer can make a significant difference in the outcome of your case. A skilled attorney will help you navigate the complexities of asset division, protect your financial interests, and advocate for your rights throughout the process. If you have a high net worth divorce in the Dallas-Fort Worth Metroplex area, contact Coker, Robb & Cannon to schedule a consultation and learn more about how we can help you achieve your goals.