Going through the process of divorce can understandably be stressful no matter how many or few assets you have. However, it can be especially overwhelming for business owners in Texas and other individuals who have high-value assets. A person who is going through the dissolution of a marriage in the Lone Star State has the right to pursue the most personally favorable outcome considering the circumstances.
What is the property to which I am entitled in Texas?
In the state of Texas, which is considered a community property state, all property that has been acquired during a marriage is deemed to be community owned. Therefore, it will typically be split 50/50 between the two individuals getting divorced. However, there are some exceptions. If you can prove that you owned a particular asset before the marriage or that you inherited it or received it as a gift, even if this happened during your marriage, proving separate property ownership might be possible. Other examples of separate property include personal injury proceeds as well as bank accounts that both spouses hold separately.
What are some examples of community property?
An example of community property that must be divided down the middle in Texas is wages that either spouse earned during the couple’s marriage. Another example is the furniture and home purchased during their marriage with money they attained during their marriage. A mortgage and any interest income that business operations and investments have earned are also considered to be community property.
How can an attorney help me during my high-asset divorce?
In a complex divorce case, an attorney can work with a huge network of professional experts to make sure that the highest level of consideration is being paid to all aspects of your divorce case. For instance, an attorney can work with business valuators, appraisers, financial advisers and accountants.
If you are dealing with a pension or 401(k), you need what is called a qualified domestic relations order, or QDRO, to split the account. This particular process is complex, so it is critical that you have an attorney help you complete this procedure. A knowledgeable attorney can ultimately help you fight for your best interests when going through the dissolution of a marriage in Texas.