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TX divorce lawyerWhen you are in the early stages of planning for a high asset divorce in Texas, you should know that you will likely be facing a divorce involving the classification, valuation, and distribution of many different types of complex property. We have told you about some common types of complex property in an Austin high net worth divorce, including valuable collections of art and books, as well as business holdings and investments. Yet these are not the only types of complex property that will need to be divided in most Texas high asset divorce cases. We want to tell you about some more common types of complex property that may need to be evaluated in a high net worth divorce.

Keep in mind that Texas is a community property state, which means most property acquired after the date of marriage will be considered community property and thus will be subject to division. If you have questions or concerns, you should speak with an aggressive Austin high asset divorce attorney today.

Real Estate and Vacation Homes

Valuing real estate, especially vacation homes in different states or different countries, can be complicated. In general, if the property is classified as community property, a Texas court will handle the property like any other property the married couple owns in Austin. However, it is important to point out that real estate in other states, and especially in other countries, should be identified early on in the divorce process since one of the parties may attempt to conceal international property.

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TX divorce lawyerTexas residents who file for divorce and who are unable to come to an agreement regarding how their assets will be divided are often concerned about how their inherited assets will be handled by the court during the process of property division. While it is true that for the most part, inheritances that are left to only one spouse during a marriage are considered the separate property of that spouse, this is not always the case. For help determining whether your own inheritance could be divided between you and your soon-to-be former spouse upon divorce, please contact our dedicated high asset divorce legal team today.

What Is Separate Property?

Texas is a community property state, which means that during divorce, all of a couple’s marital property must be divided equally. For this reason, determining which assets qualify as marital and which are considered separate is extremely important to the results of the property division process. Marital property is made up of assets accumulated by the couple during the marriage, regardless of which spouse purchased or acquired them. The term separate property, on the other hand, refers to assets that the parties brought into the marriage.

Important Exceptions

While determining which type of property an asset qualifies as depends largely on when the asset was acquired, there are a few exceptions to this general rule. For instance, inheritances that are left to one party exclusively are usually considered to be separate property, even when the bequest is made during the course of the beneficiary’s marriage. Similarly, assets that would initially qualify as separate property can become marital property if they were commingled with the couple’s marital property during the marriage. This same rule applies to inheritances, so just because a person received an inheritance during his or her marriage, does not automatically mean that it will be considered separate property. Instead, courts will also look at what the inheritor used the bequest for when determining whether it should be divided equally.

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