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DIVORCE
CHILD CUSTODY
SPOUSAL & CHILD SUPPORT
PROPERTY DIVISION
Texas High-Net-Worth Divorce: Protecting Your Legacy & Interests
During a divorce, community property will be divided by the courts by a means that is “just and right.” Inheritances and trusts that were established before the marriage are generally considered separate property; however, the party asserting a separate property claim bears the burden of proving what is his separate property, and if these assets have been commingled with property acquired during marriage, meeting that burden can be a difficult and complicated task.
Having an attorney on your side who understands characterization of trusts and inheritances is crucial for arriving at a fair and just property settlement. At Carter Morris, LLP, we have extensive experience handling complex property division issues that arise in high asset divorce cases. From our office in Houston, we protect the rights of clients throughout the state of Texas.
Do you have questions about dividing inheritances and trusts in a divorce? Call us at 713-626-3345.
Southeast Texas Attorneys With Experience in Trust Division
If you have received an inheritance or trust before or during marriage, it could have a significant impact on your marital estate at the time of divorce. You will need to show clear and convincing evidence that the trust or inheritance should maintain its characterization as separate property.
Working with a team of forensic accountants and other expert witnesses, we can work with you to trace these assets to determine their characterization. Our Houston inherited assets attorneys have years of experience analyzing and establishing separate property claims. We will work hard to ensure that you receive a fair division of property while preserving your separate estate.
We also assist individuals in protecting their trust or inheritance with a prenuptial or postnuptial agreement. These agreements can help ensure that your separate property remains separate and is protected from division in the event of a divorce.
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If a trust or inheritance is an issue in your divorce, you should speak with a skilled family law lawyer. Call Carter Morris, LLP at 713-626-3345 or contact us online.
Retirement accounts such as IRAs, pensions and 401(k)s are often a person’s most valuable assets. In some cases, a pension can be worth more than the family home! Due to their high value, dividing these retirement assets is often one of the biggest sources of contention in a divorce. In divorce cases involving complex property division – including dividing retirement assets – you need to have an experienced attorney on your side.
At Carter Morris, LLP, we have extensive experience handling the most complex financial issues that arise during divorce and high-net-worth divorce. We help parties find creative solutions to dividing retirement assets, including:
Individual Retirement Accounts (IRAs)
Pensions
401(k)s
403(b)s
Employee stock purchase plans
Deferred compensation plans
From our Houston office, we represent clients throughout the state of Texas. Our firm’s lawyers practice family law exclusively, and our partners are board-certified in family law by the Texas Board of Legal Specialization. If you have questions about dividing retirement assets during your divorce, call us at 713-626-3345.
Dividing Retirement Assets: Which Accounts are Subject to Division?
In Texas, any property that was acquired during the marriage – including retirement accounts – is presumptively considered community property and thus can be subject to division during a divorce. Our experienced family law attorneys will assist you in identifying, valuing, and dividing retirement assetsacquired during your marriage. We frequently work with financial experts such as forensic accountants to aid us in valuing and dividing these assets properly.
Our attorneys will handle any necessary paperwork, including Qualified Domestic Relations Orders (QDROs), to ensure the smooth division of your retirement funds. We will answer any questions and address any concerns you may have about the community property division process.
As experienced negotiators, we have been successful helping our clients achieve their goals without the cost and stress of divorce litigation. However, if your case requires a trial, you can rest assured that our attorneys are fully prepared to represent your interests in the courtroom.
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At Carter Morris, LLP, we will take the time to understand your financial goals and create a plan to help you meet them. To speak with one of our experienced attorneys, contact us online or call the firm at 713-626-3345.
One issue that arises with some frequency in high-net-worth divorce cases is the division of a closely-held business. In most cases, the parties to a divorce will agree that one party will be awarded 100 percent of the business, with the right to own, operate, and receive funds from the business. The other spouse will, therefore, receive an appropriate amount of other marital property to ensure a just and right division of marital property.
In less frequent cases, the parties may agree that each will retain a percentage of the business, with one or both parties continuing to operate the business after the divorce. Another option is the sale of a business, with each party receiving a portion of the proceeds.
To determine the best course of action, and to protect your property rights in a divorce, it is critical to retain an attorney with experience determining the value of a closely-held business and dividing it properly. At Carter Morris, LLP, our knowledgeable divorce attorneys have extensive experience with the complex process of determining business ownership and valuation. Located in Houston, Texas, our firm is pleased to represent clients throughout Southeast Texas and the Greater Houston Area.
Southeast Texas Attorneys Familiar with Business Ownership and Valuation
Correctly determining the value of a closely-held business or professional practice is critical to achieving a fair divorce settlement for both parties. At Carter Morris, LLP, we work closely with expert forensic accountants and other business valuation professionals to accurately determine the value of the business.
Another important consideration in business ownership during divorce is whether the business is community or separate property. A business that was started during marriage is presumptively considered community property in Texas and thus must be included in the value of the overall community estate during a divorce. However, even a business that was started before marriage or with separate funds may be subject to claims during divorce if community property was used to fund or expand the business. Conversely, a business started during marriage could be characterized as separate property, depending on the circumstances surrounding its formation and capitalization. We will assist you with the complex process of determining whether your business is characterized as community property, separate property, or a mixture of the two.
Other important issues that we consider when dividing a business include:
- Lookbacks
- Valuation methodology
- Overcompensation
- Inadequate compensation
- Personal vs. professional goodwill
- Community property vs. separate property issues
- Management and transfer of assets during the divorce process
- Short-term and long-term implications of the asset allocation
Dividing Professional Practices in Texas
A professional practice could be one of the most valuable assets to consider during your divorce. Accurately characterizing, valuing, and dividing professional practices are essential to ensure that both parties receive a fair divorce settlement.
Dividing professional practices during divorce can pose unique challenges – such as when one party holds a professional degree or license. For example, a professional degree acquired during marriage is not considered community property; however, if community property was used to support one spouse in obtaining that professional degree or license, we can assist you in determining whether the other spouse may be entitled to compensation through spousal support or a greater share of another marital asset.
At Carter Morris, LLP, we represent doctors, lawyers, dentists, accountants, and other professionals – or their spouses – with the complex process of business valuation and dividing professional practices during divorce. Our Houston divorce attorneys have extensive experience handling high-net-worth divorce cases and dividing professional practices. While the majority of our clients come from southeast Texas and the greater Houston area, we have the resources to represent clients statewide.
Southeast Texas Divorce Attorneys
In Texas, a professional practice that was started during marriage is presumptively considered community property and is included in the value of the community estate during a divorce. However, even a practice that was started before marriage or with separate funds may be subject to claims during divorce if community property was used to fund or expand the business. Conversely, a practice started during marriage could be characterized as separate property, depending on the circumstances surrounding its formation and capitalization. We will assist you with the complex process of determining whether your professional practice is characterized as community property, separate property, or a mixture of the two.
Carter Morris, LLP works with forensic accountants and other business experts to accurately characterize, value, and divide professional practices. When determining the value of your private practice, important considerations include the value of the property and equipment, professional degrees and licenses, appreciation, goodwill, and tax consequences.
In most cases involving a professional practice, the business is not divided between parties. Instead, one spouse keeps the business and the other will receive an additional amount of other marital property to ensure a just and right division of marital property.
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If you need high quality legal representation for a high asset divorce involving a professional practice, don’t hesitate to call Carter Morris, LLP at 713-626-3345.
When people are in the process of getting a divorce, property division is often a source of conflict. One issue that can be particularly challenging for husbands and wives is the division of executive compensation plans, retirement accounts and other employee funds.
What if a spouse is set to receive a large employee bonus after the parties are divorced? What if a retirement account is unvested? How do couples divide an existing retirement account to structure a just and fair division of property? At the law firm of Carter Morris, LLP, we help people find creative solutions to complex financial issues in divorce. Our attorneys have significant experience in cases involving high net worth divorce and complex property division issues.
Carter Morris, LLP represents clients throughout the state of Texas, with many clients originating from Southeast Texas and the Greater Houston area. Our firm is dedicated to helping people through difficult family challenges. We practice exclusively in family law to provide clients with the most knowledgeable, qualified, and highly professional service possible. If you need to speak with a divorce and family lawyer about an important legal matter, call our Houston office today at 713-626-3345.
We are pleased to assist people going through a divorce with all matters related to the negotiation, structured settlement, or litigation of their case, including:
Executive compensation
Executive stock option plans
Executive stock purchase plans
Retirement benefits
Employee profit sharing plans
Pension funds
Defined benefit plans
Executive bonus
401K
To learn more about executive compensation division and other property division issues in divorce, contact our Houston office today by phone or e-mail.
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To speak with an attorney about divorce or property division, call our Houston office at 713-626-3345. For assistance by e-mail, contact us online.
As if going through a divorce isn’t challenging enough, if one of the parties does not meet his or her obligations outlined in the divorce decree, the issues and disputes can continue well after the divorce is finalized. If this describes your situation, you need post-decree enforcement assistance from a knowledgeable Texas attorney.
At Carter Morris, LLP, our attorneys have extensive experience handling the challenges that can arise following a divorce. From our office in Houston, Texas, we represent clients throughout greater Houston and southeast Texas with their most challenging family law matters – including post-decree enforcement.
Post-Degree Enforcement: Custody, Support, and Property
A divorce decree is not just a legally-binding document, but a court order. You may require post-decree enforcement of your divorce decree if your ex-spouse fails to:
- Comply with the custody arrangement or visitation schedule
- Pay court-ordered child support or spousal support (maintenance)
- Transfer assets or property as outlined in the property settlement
If your ex-spouse is not complying with your divorce decree, our Houston attorneys will vigorously protect your rights and enforce the original court order. Depending on your situation, you might consider trying mediation or negotiation to help you reach an agreement with your ex-spouse outside of the courtroom. If your post-decree enforcement case calls for aggressive action, however, you can rest assured that we are prepared to take your case to court.
If property or assets were omitted from your divorce decree, either intentionally or accidentally, we will assist you in petitioning the court to order the division of those undivided assets. Time is of the essence in these cases, so if you believe that an asset was omitted from your decree, it is important to contact us as soon as possible.
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To discuss your case with a seasoned family law attorney, you may contact us online or call 713-626-3345.
Divorce Mediation, Collaborative Law, and Arbitration
When many people think of a family law issue such as divorce or a child custody dispute, they envision a long and contentious trial leading to a judge’s decision on what is right or wrong for a family. This doesn’t have to be the case. You do not have to choose between going to trial or “giving up” on major points. You do not have to put your family’s future in the hands of a judge or jury who are virtual strangers. Alternative Dispute Resolution (ADR) options – such as divorce mediation, collaborative law, and arbitration – exist to help you and the other party reach a mutually acceptable agreement that truly meets your needs and outcome goals.
Exploring the Benefits of Divorce Mediation, Collaborative Law, and Arbitration
Divorce Mediation
Divorce Mediation is a voluntary negotiation process in which both parties are present and participating. Each side may have legal counsel in attendance, or the parties may choose to have a neutral mediator oversee the communication process. The parties discuss issues at hand and work together to reach a compromise that they can agree to. If at any time negotiations break down, the case can move toward the courts.
Mediation is typically much less expensive than proceeding with open-ended negotiations or a divorce or child custody trial. Mediation can help recognize needs, restore communication and rebuilds damaged relationships. It allows parties to have a hand in deciding their future.
Collaborative Law
Sometimes called collaborative divorce or collaborative practice, Collaborative Law allows you and your spouse to work together to resolve your legal issues out of court. Each of you has your own collaborative family lawyer to coach and assist you to reach an agreement. You and your collaborative lawyers each sign an agreement at the outset that you will not go to court. This means your collaborative lawyers are completely committed to helping you reach a settlement.
In cases with complicated financial situations, the “collaborative team” will likely include one or more financial professionals who will work to untangle your financial issues.
Your collaborative team may also include a mental-health professional who will work with each of you to resolve any emotional issues that are preventing you from reaching an agreement.
Depending on how many issues you have to resolve, it usually takes several meetings with your collaborative professionals before you resolve all your issues. When that happens, your collaborative lawyers draft a divorce agreement.
Divorce Arbitration
In divorce arbitration, disputing parties agree to choose a trained decision-maker to hear both sides of the story. Much like orders from a judge, the decision of an arbitrator is binding. Arbitration is similar to trial, but is less formal and more private, as documents do not become public record. Parties choosing to enter into arbitration can speak for themselves, but generally prefer to have legal counsel present.
Arbitration is less costly and time-consuming than a full-fledged trial, often producing the same or better outcome results.
Divorce Mediation, Collaborative Law, and Arbitration Attorneys
At Carter Morris, LLP, in Houston, Texas, our attorneys are skilled in using various methods of alternative dispute resolution. With experience in divorce and family law mediation and arbitration, they can help you reach an amicable agreement that saves both time and money. To speak with one of our attorneys about settling your case outside of the courtroom, contact our office at 713-626-3345.
When two people are planning to get married, their lives are generally filled with thoughts of living “happily ever after.” The idea of their fairytale coming to an abrupt halt barely enters their minds: it is far too easy – and pleasant – to be caught up in the romance and joy of making a loving commitment to each other than to consider a less-than-pleasant ending to your love story. Prenuptial and postnuptial agreements seem too unromantic when you’re in love.
Unfortunately, with today’s divorce rate, proactively planning for an uncertain future has become a very wise choice. By drafting a prenuptial or postnuptial agreement, you are not dooming your marriage to end in divorce. You and your future spouse are simply protecting your individual assets – at a time when you’re likely to be most accommodating and generous – in case things ever go awry between you.
At Carter Morris, LLP, in Houston, Texas, we work with couples preparing to marry and those who have already committed to matrimony. Our experienced attorneys will aid you and your loved one in drafting a fair and just prenuptial or postnuptial agreement that protects everyone’s best interests in case of divorce or untimely death. We also help those subject to unreasonable marriage agreements defend their personal welfare during dissolution of marriage.
Creating a prenuptial or postnuptial agreement may be one of the wisest choices you can make. Take the proactive approach and contact our office to arrange an appointment.
What are the Advantages of a Prenuptial Agreement?
Some people are hesitant to enter into a prenuptial agreement with their spouse-to-be. They may feel it reduces the level of trust or commitment in the relationship. This is not the case. A prenuptial agreement is meant to safeguard both parties in the event of an unanticipated divorce – particularly a high-net-worth divorce. Drafting a prenuptial agreement can:
- Protect your separate or premarital property
- Define what is considered community property
- Establish ground rules for future economic matters
- Reduce the time and money involved in a divorce
What is a Postnuptial Agreement?
Postnuptial agreements are marriage agreements entered into after a legal marriage has taken place. If drafted, they must be in place before either party chooses to end the marriage. As with prenuptial agreements, they provide provisions for protecting assets in the event of divorce or death.
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If you are considering a pre or postnuptial agreement, it is good to know your options. To speak with a knowledgeable attorney, call us at 713-626-3345 or contact us by e-mail.
