A divorce is difficult to process, but a high net worth divorce lawyer in Texas can help you navigate your way through the complicated legal requirements. Nobody wants to think their fairy tale romance has fallen apart, and many people are in denial up until the last document is signed. The realities of a divorce are painful, but shouldn’t be avoided. Instead, get in touch with a qualified divorce lawyer and make sure you have a plan for the worst case scenario. It pays to be prepared, and if you think a divorce is inevitable, it pays to have the right legal team on your side.
In the event of a divorce, everything that you and your spouse have built together is scrutinized. This includes everything that you share, and everything that you might call your own. Income (both yours and your spouse’s) is closely examined, because income pays a key role in divorce terms. How much you make on each paycheck is taken into consideration when determining the amount paid on future child support payments, as well as spousal support. However, in a divorce, your income is not the only money on the chopping block. You’ll also have to split your assets.
When your assets are divided in a divorce, you need to ask yourself a few key questions: How much money do you own? How much do you share with your spouse? And what can’t you live without? Your hard cash is at risk in a divorce, but your other assets are in danger as well. This includes real estate, cars, collections, and even businesses. Whatever you have built together with your spouse is in danger of going to your spouse completely in the event of a divorce, and contacting a divorce lawyer is the best way to keep your assets.
If you have over $1 million in assets, then your divorce qualifies as a high net worth divorce. In a high net worth divorce, any assets shared by you and your spouse are divided up – oftentimes completely unequally. There is nothing to gain, and almost everything to lose if you have done the majority of the work behind your shared fortune. Whether it’s cars, hard cash, real estate, or even the art on your walls, your spouse may end up winning all of it out from under you in a costly, messy, and emotionally taxing process. You might feel completely alone, but fortunately you can count on the the Winfrey Law Firm, PLLC, to protect your assets.
At the Winfrey Law Firm, PLLC, we understand that a divorce is a painful process. We stand by each of our clients to make sure they minimize their chances of losing everything they’ve worked hard to build, and we know that behind every divorce there are two completely opposing stories – and usually only one that gets heard in court. Don’t lose everything you have to a vindictive ex. Instead, reach out to a high net worth divorce lawyer in Texas, and see how we can help you.
It is entirely too common to make rash decisions when emotions run high and without considering the long-term implications first. In the event of an emotionally driven decision, you could easily and up agree to give up more property than you deserve or make other long-term financial decisions that could lead to more stress. While you might think that your choice will make your life easier, it could lead to a more time-consuming and emotionally draining fight in the future and have a negative financial impact in the long run.
These divorces can get heated quickly. It is in your best interest to not lash out against your ex or try to punish them for the pain they have caused you. Instead, think about how you would react if this was a professional setting. When handling business matters, you want to be calm, informed, and have a plan in place to ensure everything goes as smoothly as possible.
One of the biggest mistakes people make in high net worth divorces is that they hide assets. While it may be tempting to hide some assets, it can easily backfire on you because it is considered fraud. When the property is divided in divorce, every asset must be disclosed. Your lawyer will advise that you should not hide any assets because if it is discovered, you could be held in contempt of court or found guilty of perjury because of your attempts to conceal assets.
You could face legal repercussions, but you could also lose all credibility with the court and the judge could then decide to award more assets in your former spouse’s favor. This is why it is crucial to be transparent about all your assets when disclosing them in your divorce.
We understand that a divorce is a highly emotional time in your life. If you are going through a high net worth divorce and don’t hesitate to reach out to a high net worth divorce lawyer from the team at Winfrey Law Firm, PLLC for more information about how they can help you through this incredibly difficult time in your life.