Austin, TX
If you are divorcing and your family has a lot of money or valuable assets, you need a high-asset divorce attorney to help you through the process. Getting a divorce can be traumatizing, even if you and your spouse no longer live together or communicate. You shared vows and a life together, and the end of that isn’t easy to deal with.
Divorces become even more complicated if one or both spouses have a high income or high net assets. It can make the divorce ugly and lengthy, with a lot of bitter back and forth. This is not an experience you should go through alone, especially if you have questions about divisions of assets, child custody, and other complicated matters that come with a high-asset divorce.
What Evans & Herlihy Can Do For You
Our lawyers at Evans & Herlihy have the experience you need to navigate the complexities of a high-asset divorce. Chip Evans is a native Texan with more than 20 years of experience as a trial lawyer. He is wholly dedicated to serving his clients in ways that show them they are not just a number or a potential payday.
Chip’s law partner, Scott Herlihy, received his undergraduate and law degrees in Texas. Scott focuses on family law and has experience handling high-asset divorces involving large, complex estates. Scott will take the time to listen to and answer all the questions you have about your divorce. His goal is to gain your utmost trust and confidence so you can get through your divorce experience together. Divorce is uncomfortable. You should be comfortable with your lawyer.
Getting a Divorce in Texas
The process for a divorce is the same whether the parties have high or low assets or net worth. One party files divorce papers that are served on their spouse. If the two sides can’t decide on settlement terms, the case ends up in court.
There are residency requirements to file for a divorce; they are laid out in Texas Family Code Section 6.301. You cannot file for divorce unless you or your spouse has been a resident of the state for six months before filing the papers and a resident of your county for 90 days. If you live out of state, you can file for divorce from your spouse in the county in which they live in Texas.
What Are the Grounds For Divorce in Texas?
There are seven grounds for divorce listed in Texas Family Code Section 6. One of those grounds is considered no-fault, while the others are granted in favor of one spouse.
- Insupportability: This is the one no-fault ground for divorce in Texas. It means that reconciliation is not possible, but it is not the fault of one party or the other. Either spouse can seek a divorce on these grounds.
- Felony Conviction: You can petition for a fault-based divorce if your spouse has been convicted of a felony and has been in prison for at least one year.
- Abandonment: If your spouse has left home and been gone for at least a year, you can file for divorce on the grounds of abandonment.
- Living Apart: If you and your spouse live separately, without cohabitation, for at least three years, you can file for divorce.
- Confinement in a Mental Institution: You have grounds for a divorce if your spouse has been confined to a mental institution in any state for at least three years, and their condition is not likely to improve.
- Cruelty: If your spouse treats you cruelly and you can no longer continue in the marriage, you have grounds for an at-fault divorce.
- Adultery: You can file for divorce if your spouse cheats on you.
What is a High-Asset Divorce?
A high-asset divorce is one in which significant assets are owned by the couple, typically over $1,000,000. There are several things the courts consider to be assets, including but not limited to the following:
- Real estate, including vacation homes and investment properties
- Wages and other income
- Vehicles
- Retirement funds
- Investment portfolios
- Pensions
- Family businesses.
What is Considered a High-Net-Worth Divorce?
There is no specific statute that defines a high-net-worth divorce in Texas. Net worth is determined by the value of all assets minus what is owed in debts. The appearance of money doesn’t mean it’s really there if significant liabilities are involved.
If you and your spouse have a combined income of $2 million but debts exceeding that amount, you may not have a high net worth. This is where marital assets come in. If you don’t have a lot of liquid money but have significant assets to split, you need a high-net-worth divorce attorney on your side.
Texas is a Community Property State
Texas defines community property as that acquired by either spouse during the marriage in Texas Family Code Section 3.002. The presumption under the law is that property held by either spouse at the time of the divorce is community property. Some property can be separated, such as things acquired before the divorce or gifts received during the marriage. You can also remove a recovery for personal injuries from community property, except for the part of the settlement that covered lost earning capacity.
The rules for dividing assets during a divorce are set out in Texas Family Code Chapter 7. This division of assets can be very complicated in high-asset divorces. It becomes even more complex if one spouse accuses the other of hiding assets, and you need separate hearings around that matter.
The judge might find it easy to split things like joint bank accounts 50/50, but they are not bound to divide all property equally. They will divide some assets according to what is “fair and just.” For example, the judge may award each of you a vehicle rather than forcing you to sell both and split the proceeds. You need an experienced, committed high-asset divorce attorney to help you present your arguments for how property should be split.
How Does Child Support Work in High-Asset Divorces?
The rules surrounding child support following a divorce are set out in Texas Family Code Chapter 154. The code specifies specific amounts of child support, including things like monthly maintenance, healthcare, and education costs. But those guidelines have a top income level that might not be appropriate in high-asset divorces. In these cases, a judge can order a spouse to pay above what the guidelines specify. The needs of the child are the primary consideration of judges granting divorce decrees. Our high-asset divorce attorneys can help you determine an appropriate child support level.
The amount of child support will also depend on who has custody of the child or children. Child custody can get messy, making it a highly complex decision for judges. They have many factors to consider when determining custody and subsequent support agreements.
Common Questions About High-Asset Divorces
High-asset divorces are complicated, and it is normal to have questions. Here are some of the most frequent questions people ask of our high-asset divorce attorneys.
What Can I do If My Spouse Closes Our Joint Accounts?
Under Texas law, you are entitled to half of your joint bank account when you get divorced. If your spouse closes the account, contact our high-asset divorce attorney immediately so we can work on a court order to get you access to your funds.
Can I Keep a Special Gift I Received From My Parents?
Under Texas divorce law, you are allowed to keep personal gifts you acquired during the marriage. Your attorney must show that the gift was intended for you alone, not as part of a married couple.
I Have a Prenuptial Agreement. Isn’t That Enough?
Prenuptial agreements can help in a high-asset divorce case, but your spouse can contest the agreement’s validity. They can also claim that your divorce doesn’t fall under the agreement’s requirements.
How Long Will My High-Asset Divorce Take?
A divorce that is not contested could take just three to six months. A contested high-asset divorce could take years, especially if children are involved.
Getting a divorce is traumatic, especially if there are high assets and children to consider. You need an attorney with the patience and compassion to answer all of your questions and guide you through this very complex and trying process.
Is it Possible to Work Out a High-Asset Collaborative Divorce?
Some spouses try to work out their differences without going to court, even in high-asset divorces. Both sides retain an attorney and, working together, they decide on dividing assets, alimony payments, and child support.
These types of high-net-worth divorce settlements can be good for both parties and relieve stress for the entire family. They do depend on both parties’ being sincere about working together. A collaborative divorce can work only if both parties are committed to a fair, thoughtful process. Your attorney plays a pivotal role, even in collaborative divorces. They can help you negotiate for the best terms and decide what to do if you suspect your spouse is only cooperating because they are trying to get you to settle before you really think through what is best for you.
At any point, one spouse may decide that collaborating is not in their best interests. Then your divorce becomes contested and may end up in court. In this case, your high-asset divorce attorney will already be familiar with your case and the tactics of your spouse’s attorney. This can be a significant advantage if your joint cooperation falls apart.
Why Choose Evans & Herlihy To Be Your High-Asset Divorce Attorneys
Evans & Herlihy is a small law firm that gets significant results. Partners Chip Evans and Scott Herlihy have been friends since they met at Southwestern University in 1990. Their 30-year bond shows in their combined dedication to their clients and tenacity in obtaining favorable outcomes.
Our high-asset divorce attorneys recognize that our clients are placing their trust in them. We prioritize treating each case as its own and giving every client the personal attention and advice they deserve. Visit our Client Testimonials page to read about the extraordinary work Scott and Chip have done for their clients.
“Scott helped me with the child support modification almost 3 years after my divorce. He is sharp and extremely detailed oriented. … My case lasted a little over a year with a successful outcome. Scott was kind, patient, considerate and always available. I highly recommend Scott!! He is an AWESOME lawyer and human being!!” – Client testimonial.
Get A High-Asset Divorce Attorney on Your Side Today
You are already dealing with a lot when you are getting a divorce, especially if you have children. When you are engaged in a high-asset divorce, you need a strong attorney by your side to make sure you get a fair settlement regarding the division of assets, alimony, and child support and custody agreements.
“Family is important to me. I got my start in this career through family and consider my clients to be part of my extended family. The work that I have been able to do on behalf of families is important to me, and I enjoy talking to my clients many years after their case has settled and hearing about the positive impact we were able to make on their lives.” – Chip Evans
You don’t have to face all of this alone. Our high-asset divorce attorney at Evans & Herlihy will fight to ensure your divorce settlement is fair and protect your rights whether you are the higher or lower income party.
Attorney Scott Herlihy
Scott handles a wide range of family law matters, both contested and uncontested, including divorces involving both large and complex estates as well as more modest asset and property divisions, modifications of Texas and out-of-state orders, custody disputes, establishment and enforcement of child support, prenuptial and postnuptial agreements, paternity cases, and grandparents’ rights matters. [ Attorney Bio ]
Our Austin Divorce Lawyer Looks Out for You
Divorce is a life-changing event. Even a seemingly simple divorce is a difficult and painful undertaking for most people. Let Evans & Herlihy handle the legal work so you can focus on moving forward with your life. Our Austin divorce attorneys will help with allocating joint assets and debts, determining who will stay in the family home or selling that home and distributing the sales proceeds if necessary, and making appropriate child custody and child support arrangements.
Our Experienced Divorce Attorneys in Austin Are Ready to Help You Today
Texas divorce law is complicated, and making mistakes can be costly. If you are anticipating a divorce, don’t agree to anything in writing with your spouse until you’ve talked to our Austin divorce lawyers. At the Evans & Herlihy Law Firm, we always look out for your best interests when we negotiate the terms of your divorce. Don’t leave your future to chance by choosing a less experienced attorney.
