High Net-Worth Divorce
Experienced With Complex Financial Matters
A couple with a high net worth and sophisticated financial holdings must carefully consider the financial implications of a divorce. When large amounts of money are involved, you must take care to separate and value the assets correctly. You need a divorce attorney who understands complex financial matters as well as taxation issues.
Bennett, Weston, LaJone & Turner, P.C., has decade years of experience with tax law and high net worth divorces. We have the knowledge and skill you need to protect your assets during divorce, no matter how large your estate. In addition, we can call on an extensive network of professional colleagues, including accountants, consultants and investigators to assist with the discovery of assets and their valuation. For a consultation, please contact our Dallas high asset divorce lawyer to arrange an appointment.
Because our attorneys have many years of experience, we understand that every divorce is different. We will talk with you and discuss whether mediation, alternative dispute resolution (ADR) or negotiation may work for your situation. When necessary, we will litigate aggressively on your behalf.
Divorce in Texas
Property division begins with an inventory of all marital assets and debts. In high asset divorces, this process may include discovery of hidden assets. When necessary, we work with forensic accountants to find hidden assets. The valuation of all personal and real property as well as financial assets is another step. The financial assets may include sophisticated holdings such as businesses, stock options, deferred compensation, pensions, 401(k)s and retirement plans, and family partnerships and trusts.
We can also assist you if you are seeking or contesting spousal support (alimony). For couples with a high net worth, the tax considerations of alimony are very important. We can help you determine how best to structure alimony if it is granted.
If you have children, we will help you write parenting plans and determine workable custody and visitation schedules. When calculating child support for a high-income family, it is important to consider the reasonable needs of the children and primary custodial parent.
Dallas Divorce Attorney and Tax Lawyer
There can be tax implications to every divorce, whether there is a modest amount of community property or a complex, high net-worth estate. Even when both parties are concerned about the financial aspects of divorce, tax issues are often overlooked. In situations involving larger and more complex assets, the tax implications can become very complicated. If you are not careful in your approach to these issues, you may ultimately receive less money in your property settlement.
The lawyers at Bennett, Weston, LaJone & Turner, P.C., can provide advice which minimizes tax implications before the divorce and maximizes the available assets after the divorce. Our goal is for clients to come out of a divorce in good financial health.
Tax Issues to Consider
Generally, it is a good idea to give the spouse in the lower tax bracket more taxable assets from the marital property. We will advise you on the best way to handle the division of retirement plans, IRAs, pension plans, mortgages, businesses, stocks and other assets. We strive to:
- Structure cases with a view of taxes and complications
- Keep in mind the value of assets after tax considerations
- Structure transactions so that no tax is incurred after taxes
- Give clients all of their options and advice on protecting themselves financially
Alimony payments are tax deductible for the payer and taxable income for the payee. Because the party making the payments is often in a higher tax bracket than the party receiving the payments, this arrangement can be beneficial to both.
Retirement accounts may have a lower value than stocks or cash because of the tax implications. To avoid tax penalties for early disbursement of funds, you can request that the court issue a Qualified Domestic Relations Order (QDRO). We draft our own QDROs and can assist you with the valuation of your retirement and investment accounts.
As business attorneys, we use our knowledge of tax and business concerns to help clients get the best solutions possible. We provide advice on the tax consequences of splitting closely-held businesses, partnerships, professional practices and stock options.
We understand that you want to protect the assets you have worked hard to acquire. In addition to assisting you with the financial aspects of divorce, we look for ways to make the divorce process cost-effective. To make an appointment with high asset divorce attorney Bruce E. Tuner, call (214) 691-1776, or contact us online.