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.
Attorney Bruce Turner of Bennett, Weston, LaJone & Turner, P.C., has 42 years of experience as a tax and high net worth divorce attorney. He has the knowledge and skill you need to protect your assets during divorce, no matter how large your estate. In addition, he is able to 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.
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 Dallas divorce asset protection attorney, Bruce E. Tuner, call (800) 486-9553, or contact us online.
Our Financial Experience Makes the Difference
In the majority of high-asset divorces, the couple’s financial holdings and marital estate are usually quite complex. With sophisticated accounts and businesses as part of the community property, the tax consequences of property division become extremely important. When you have significant assets to protect, you can trust the experience of Bruce Turner. He is a business-oriented attorney with 42 years of experience and a master’s degree in tax law.
Dividing the marital estate in high-asset divorce cases is a complicated task that requires the skill of experienced attorneys. At Bennett, Weston, LaJone & Turner, P.C., our attorneys have experience with business and corporate law. We understand the importance of accurate valuation and maximizing your assets by structuring the division of property according to each party’s tax liability.
Marital Asset Distribution
The marital estate will be divided according to Texas community property law. We can help you determine which assets and debts are marital property, which are separate and which are sole management community property. Assets that may be divided include:
- Real estate holdings
- Vehicles, jewelry, art and high-end furnishings
The marital debts must also be divided during property division. This may include taxes, mortgages, other loans, credit card balances and any judgments against both of you.
Our attorneys regularly advise clients who own businesses as part of a marital estate. We know the tax consequences of each business entity; we also understand the dissolution of businesses and their stocks. We work closely with forensic accountants who can accurately value a business or review an existing valuation for businesses and investments such as:
- Privately and publicly held companies
- Professional practices
- Stock options and portfolios
- Oil and gas rights and royalties
- Deferred compensation plans
- Retirement plans, IRAs and 401(k)s
Once your marital business interests are valued, we will begin pursuing a property settlement agreement that is in your best interest. If necessary, we will take your case to trial to protect your rights. To make an appointment with Dallas divorce asset protection attorney, Bruce E. Tuner, call (800) 486-9553, or contact us online.
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.
Attorney Bruce Turner has extensive experience in complex property division in Texas, and 42 years of experience as a tax lawyer. He and 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.