All divorces are complex and potentially emotional. Dissolving the marriage of a couple with unique or significant assets, however, tends to be especially difficult, as it often comes with a host of unique legal challenges, so if you are thinking about filing for divorce in Texas, it is important to speak with an experienced high asset divorce lawyer who can advise you.
What Is a High Asset Divorce?
Narrowing down what qualifies as a high asset divorce can be difficult, but the following are all good indicators that a divorce will involve considerable assets and come with unique challenges:
- Both parties earn a significant income.
- The parties own multiple real estate properties, which could include vacation homes, undeveloped real estate, and rental properties, in addition to the family home.
- The parties own a number of vehicles, including motorcycles, boats, and vintage cars.
- One or both parties own business interests.
- The parties have a diverse investment portfolio.
- The couple has significant savings, retirement benefits, or life insurance policies.
- The parties own collectible items, such as jewelry, artwork, and memorabilia.
Couples who own some or all of these types of properties should have a thorough understanding of Texas’ community property laws, which require divorcing couples to divide their assets in an equitable and fair manner. While this could mean that a couple’s marital assets are divided down the middle, it could also result in one party being granted a greater portion of certain properties. Ultimately, what is considered fair and equitable will depend upon the parties’ unique circumstances.
...