At the Law Office of Tim Whitten, we represent clients throughout the Austin area and Central Texas who are facing divorce and wish to ensure that their financial interests are protected through the legal process. This can be challenging when the divorce is considered “high asset.”
Tackling Tough Issues in High Asset Divorce
Any divorce can be complex from an emotional and legal standpoint. But when one or both spouses own significant assets or property, or other complex financial issues apply, the legal process can be especially complex.
Tim Whitten is a certified Family Law Specialist by the Texas Board of Legal Specialization. He has the experience and credentials necessary to help you seek the best possible results in your divorce case.
Some of the specific issues he can assist with include:
- Dividing retirement accounts
- Dividing bank accounts
- Dividing real estate
- Dividing businesses
- Dividing debts
- Dividing other marital property
- Determining spousal support
- Child custody and child support
While attorney Tim Whitten aims to settle your matters through out-of-court options like mediation or arbitration, he provides ethical litigation representation when parties cannot come to an agreement outside of court.
Dividing High-Asset Retirement Accounts in Divorce
The division of the retirement accounts is of the most common issue faced by divorcing spouses. In many marriages, a single spouse accumulates a large nest egg through his or her employer. This account cannot be accessed before retirement age without incurring a significant tax penalty. How, then, can a retirement account be split during the divorce process?
The answer is to file a Qualified Domestic Relations Order, better known as a QDRO. QDROs allow spouses to designate an alternate payee on a pension or retirement plan. This alternate payee gains ownership rights over a portion or the entirety of the account.
QDROs allow spouses to negotiate a fair division of retirement benefits without incurring the negative tax consequences associated with accessing retirement funds. Not all accounts can be divided using a QDRO, however. Separate processes exist for spouses with military pensions and government retirements plans. Speak to your attorney to learn more.
“Many couples who divorce later in life are faced with the issues associated with high-asset divorce. To learn more about the challenges of gray divorce, read our related article.”
Contact Us: Discounts and Fair Market Value of Assets
We also handle issues related to child custody that can occur months and years after the divorce settlement has been issued. Learn more about parental relocation, divorce modifications and enforcements.
For a confidential, one-on-one consultation at our Austin law firm, contact us online or call 512-478-1011.