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TX divorce lawyerProperty 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.

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Divorce is complicated as is, but when you throw in two people who are self-employed, it becomes even more so. With a self-employed individual, it can be difficult to discern just how much he or she really makes each year. Moreover, it can be easy for a self-employed individual to hide assets, or at least downplay earnings.

On the other hand, the individual who is self-employed may be concerned about what will become of his or her business post-divorce. The business owner needs to take measures to safeguard his or her business, no matter how lucrative it actually is.

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Unfortunately, it is not uncommon for adult children to estrange themselves from their parents. Because estrangement is a relatively silent epidemic, there are no hard and fast numbers for how many families are estranged, but the vast number of resources available to parents and grandparents alike suggest that the number is far greater than many would assume. That said, if you are estranged from your child and his or her partner, know that you are not alone. Also know that while no law in the world can bring you and your child back together, there may be something you can do about reconnecting with your grandchildren.

Grandparent Visitation Rights

Before you get your hopes up, know that Texas courts will always rule in favor of what is in the best interests of the child. Oftentimes, this means siding with the parents. However, in many instances, being barred from seeing one's grandparents is detrimental to a child's emotional and even physical wellbeing. To prove that is the case with your grandchild, you must prove at least one of the following elements to be true:

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In a divorce, most individuals expect to divide assets such as income, the house, vehicles, and even the children, but when they are told that they must split their retirement savings or pension plans with their former spouse, they are shocked. After all, you expected to split the past with your ex, but now you have to share a piece of your future with them, as well?

According to the Texas Family Code, retirement pension plans are considered a part of the marital income, and income is considered joint marital property. As such, any retirement savings you and your former spouse had accumulated during the marriage is divided between the two of you in a divorce, despite each party's contribution (or lack thereof) to the account.

How Much of Your Pension is Your Former Spouse Entitled to?

Fortunately, Texas does not force you to split your entire pension with your former spouse; you must only surrender half of what was accumulated during the duration of the marriage. In very rare instances, the court may grant one spouse interests in future retirement earnings if they feel that one spouse contributed more to the marriage than the other. Again though, this is a very rare occurrence.

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When people think of witnesses at trial, they generally think of witnesses in criminal law cases or even in personal injury cases. Most likely they do not think of witnesses in divorce cases; however, some divorce cases are so complex that they require substantial evidence before a judge can make a decision.

Witness testimony is one valuable form of evidence that a judge may need before he or she can make a final decision. When witness testimony is necessary, either one or both party's attorneys, or possibly the judge, might subpoena the person who holds the desired information.

Are you are going through a complex divorce case? You may experience the subpoenaing of a witness.

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