Attorney for Dividing Businesses, Real Estate, and High-Value Properties in Plano, TX
Property disputes are common in any divorce, but when a couple's property is valued in the hundreds of thousands or millions of dollars, these issues understandably take on heightened importance. If you are going through a high-asset divorce, you need to understand how to protect your financial and property interests, as well as how to fairly divide certain kinds of high-value properties without incurring unnecessary losses.
At the Law Office of Brian Bagley, we have 10 years of experience practicing family law, along with a thorough understanding of the unique issues affecting divorces between high net worth couples. With our guidance and representation, you can be confident that all of your separate and marital assets are accounted for, and that you understand all available options for reaching a resolution. We will help you make a strong case for retaining the assets that are most important to you, whether you are negotiating a settlement with your spouse or resolving your issues in court.
Community and Separate Property in a Texas High-Asset Divorce
High-asset divorces commonly involve disputes over what qualifies as community property, meaning property belonging to both spouses, and separate property, meaning property belonging to each spouse individually. Valuable assets including businesses, real estate properties, vehicles, and retirement accounts are commonly titled in one spouse's name, but that does not necessarily mean that they belong to that spouse alone. Under Texas law, almost all assets acquired by either spouse during a marriage are considered community property, meaning they can be divided between spouses in the divorce resolution.
As you prepare for your divorce, it is crucial to identify all of your separate property that you can keep protected from division. This can include businesses and other properties that you owned before your marriage, as well as assets that you inherited while you were married. Many couples with significant assets also choose to create a prenuptial or postnuptial agreement to more clearly define separate property rights. If you have such an agreement in place, it can help to greatly uncomplicate the divorce process.
Considerations When Dividing High-Value Properties
If you have substantial community property that must be distributed between you and your spouse, you should be aware of the complications that come with dividing most types of high-value assets. We can help you address property division challenges involving:
- Real estate properties - Whether you and your spouse own just the home where you live or several real estate properties for vacation or income purposes, you will need to determine the value of these properties via appraisals and market comparisons. You will also need to decide whether to sell each property, distribute them fairly, or attempt to buy out your spouse's share of the equity.
- Businesses - Any business started or acquired by either spouse during the marriage must also be valued, taking into consideration factors like market value, income, assets, and goodwill. Selling a business is often an undesirable solution, so you may need to prepare to compensate your spouse to keep your business intact, or work out a joint-ownership agreement.
- Retirement accounts - Retirement contributions during the marriage are also considered community property, and if you need to divide an account, you should be careful to do so without incurring early withdrawal penalties and taxes. This typically requires notifying IRA providers of an impending transfer due to divorce, or obtaining qualified domestic relations orders (QDROs) to divide 401(k)s and pensions.
- Investment portfolios - If you have significant assets in a brokerage account including stocks, bonds, mutual funds, and other investments, you may need to find a way to fairly allocate shares between you and your spouse. Liquidating investments often results in substantial capital gains taxes, which would leave fewer assets for both you and your spouse.
"While divorce is certainly not an easy process for anyone, having a compassionate lawyer helps smooth the process along immensely. Brian was certainly that person for me."
I had another lawyer handling my divorce case prior to Brian, and she was an absolute MESS. It was very difficult to ...Former Client
"The most personable attorney you will find. Brian and Kristen will make you feel like you and your case matter."
The most personable attorney you will find. Brian and Kristen will make you feel like you and your case matter.Former Client
"They were professional, responsive and sensitive to my circumstances. They made things easy for me and got my through a difficult time expeditiously!"
I had a great experience with Brian and his staff, especially Kristen. They were professional, responsive and sensitive to my ...Suzanne C.
"Brian Bagley is the best family law attorney I have ever worked with. He explained everything to me in terms I could easily understand."
Brian Bagley is the best family law attorney I have ever worked with. From our first online meeting, he explained everything ...Ken H.
"I had the best experience with Brian and his staff. So professional, and timely and kept me calm as they guided me through the process."
I had the best experience with Brian and his staff at Bagley Law Firm. So professional, and timely and kept me calm as they ...Tina B.
"Very professional, very attentive, and really cared about my well being... this is a top-notch firm."
Brian Bagley and Kristin Tinker were outstanding to work with from day one! Very professional, very attentive, and really ...Former Client
"This team is the absolute best! Professional, speedy, and gets the job done. I love working with them and they make me feel like family."
This team is the absolute best! Professional, speedy and gets the job done. Kristen is quick to respond and get what you need ...Kristan C.
"This office is a top-notch law firm. My issues were handled efficiently and skillfully to my satisfaction. I would recommend this team hands down!"
This office is a top-notch law firm. My issues were handled efficiently and skillfully to my satisfaction. Kristen and Gwen ...Pamela S.