High Net Worth Divorce
Individuals with large amounts of assets and debts and substantially different than the average Texas divorce. There are unique issues in these types of cases that include finding and tracing assets, dividing funds in a variety of holdings, characterizing separate and community property, maintaining privacy, and creating fair provisions for spousal and child support.
The Discovery Process
Discovery can be entirely different in a high net worth case. Often times, discovery for both sides can result in a large volume of information and documents. The tactics taken during this process can often times have a large impact on the final outcome of the case. Additionally, there can be special issues when responding to written discovery including protecting proprietary information, compelling responses, and potential sanctions for failing to properly respond to discovery requests. You need an attorney who is knowledgable and experienced with these types of issues and the typical discovery procedures involved.
Expert testimony may be necessary to ensure proper characterization, identification and division of marital assets. The Court must understand the property involved in order to divide it fairly. Expert testimony can assist the court in that understanding.
Privacy is often times a special concern for high net worth individuals. There are procedures that can ensure this privacy and confidentiality that you should be aware of in your divorce case.
Child and Spousal Support
Spousal support is frequently an issue in cases where there are substantial assets to divide, as is child support. Guideline child support is based on an individual’s net monthly income. Child support is currently ‘capped’, and only the first $8,550 of net monthly income is considered in many cases. Child support can be awarded above this cap by showing that the proven needs of the child exceed the amount of money that would be awarded under the maximum guideline child support.