How High Assets Can Complicate a Texas Divorce
A divorce is a highly stressful process. With children, clashing egos, and other problems complicating the dissolution of a marriage, the matter of high-asset property division can make things even more difficult. It is understandable for you to have concerns about dividing your assets when you’re undergoing a divorce.
This is why it’s important for you to understand Texas divorce laws relating to property division and seek help from an experienced Southlake high-asset divorce lawyer.
What Is Texas Community Property & Separate Property?
Texas is a community property state, meaning that any property acquired or income earned during the marriage belongs to both spouses. However, if clear and convincing evidence is provided, either of the spouses can claim certain assets as separate property, and this can include any property that was owned or claimed before the marriage and certain types of property obtained during the marriage like gifts or inheritance.
With a community property state, couples are legally required to split community property fairly during a divorce, including any debts incurred together. On the other hand, each spouse gets to keep their own separate property when the marriage comes to an end. Therefore, whether the judge classifies specific property or assets as community or separate is very critical when you’re undergoing a divorce.
Issues With High Net-Worth Divorce in Texas
One of the biggest issues in high net-worth divorces is the concealment of assets from either spouse. In certain cases, individuals tend to hide assets, intending that their spouse will not find it, ultimately allowing the property to become theirs after a divorce. However, hiding property or any assets is unlawful and can result in consequences for the deceitful spouse.
A divorce lawyer can help you discover any hidden assets, such as bank accounts or properties, or even obtain a temporary restraining order to stop your spouse from withdrawing assets before the divorce judgment is passed. This ensures that each party’s financial future is secured and that each party is satisfied.
How Is Community Property Divided at Divorce?
According to Texas law, a judge should divide property in a ‘just and right manner, meaning that the division of property should be impartial under the set circumstances. There are many conditions that the court can consider in figuring out what “equitable’ means, including the following:
- Reason for the breakup of the marriage
- The difference in earnings between the spouses
- Each individual’s health
- Which spouse has custody of the child or children
- The ages of each spouse, as well as their individual earning capacity, skills, and business prospects
Contact a Southlake High-Asset Divorce Lawyer Today
Our divorce lawyers know how to successfully handle high-asset divorces and work to protect the client’s interest. With family affairs involving children, house, money, and other important aspects, Mims Ballew Hollingsworth | Family Law can help protect your rights, make you understand the asset division process, and resolve your divorce lawsuit in a favorable manner. So, if you feel the asset division process is unfair or unbiased, then contact us right away.