5 Things You Should Know About High-Asset Divorce in Texas

 Posted on January 06, 2022 in Divorce

Property division has the potential to become quite complicated for people leaving marriages with substantial assets. These spouses often possess types of property that may be difficult to divide, like stock investments and income-generating real estate properties. Prenuptial agreements often come into play for those whose wealth preceded the marriage. The process of equitably dividing marital assets can be difficult even when both spouses are cooperative. If there is also a high level of conflict in the divorce, litigation is likely. There is a lot at stake when you are ending a high-asset marriage. You will want an experienced divorce attorney to advocate for you.

What Should I Know About High-Asset Divorce in Texas?

It is important to be prepared for some of the issues that may arise in your high-asset divorce. If you and your spouse had substantial assets during your marriage, you may want to consider:

• Prenuptial agreements - Prenuptial agreements are not always air-tight. There are circumstances where courts will refuse to enforce these contracts. If there was some type of fraud or coercion involved, the agreement could be discarded. Extremely unfair prenuptial agreements that heavily favor one spouse may not be enforced either. Another common reason these contracts are voided is that one spouse was not fully aware of the other’s financial situation when the agreement was signed.
• Marital property - Generally, everything you and your spouse acquired during the marriage is considered community property, meaning it belongs to you and your spouse equally. However, there are exceptions. Gifts or inheritances received by only one spouse remain that spouse’s separate property, and only that spouse is entitled to keep it during a divorce.
• Valuation - Completing an appraisal or valuation of certain marital property is an important step in a high-asset divorce. The court will need to know exactly what property like real estate, any businesses owned by one or both spouses, and even some personal items like jewelry are worth so it can divide them fairly. This process can become costly and time-consuming, but it is essential.
• Litigation - Especially when there is high conflict between spouses, litigation may be more likely in high-asset divorce cases for several reasons. There is a lot at stake for both parties, and the cost of litigation may be less of a barrier in these cases.
• Child support - Texas laws may affect the amount of child support the court can order, even for high-asset families. However, the goal is to allow any children involved to maintain their lifestyle. Trying to reach an agreement is often a good option.

If you are exiting a high-asset marriage, it is important that you have strong legal representation. This type of divorce can be a difficult process, and you will need a knowledgeable attorney to protect your interests.

Contact a Dallas High-Asset Divorce Attorney

Clark Law Group offers skilled legal representation to those going through a high-asset divorce. Our experienced Dallas high-asset divorce lawyers are adept at tackling any issue that may arise during property division or alimony and child support proceedings. Call 469-906-2266 to arrange a confidential consultation.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.3.HTM