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TX high asset divorce lawyerWhen a wealthy couple is getting divorced in Texas, each of the parties may have concerns about having assets properly classified and appraised, and one or both parties might have worries about the other spouse attempting to hide valuable assets so that they are not divided in the divorce. As you may know, under Texas law, nearly all assets acquired by either spouse after the date of marriage are considered to be “community property,” and they will be distributed between the parties in the divorce. There are many different methods for preventing a spouse from hiding assets in a divorce, and for revealing hidden assets when one of the spouses has attempted to conceal those assets.

One way that an aggressive Texas high asset divorce attorney can help is by using the process of discovery to prevent assets from being hidden or can help to uncover assets. We want to tell you more about discovery, and how some of the tools of the discovery process can help you in your high net worth divorce.

What Is Discovery in Texas?

The Texas Rules of Civil Procedure govern most matters pertaining to discovery. To be clear, discovery is a procedure in all types of lawsuits, including civil lawsuits for divorce, through which both sides can obtain information from the other side. Discovery is a process that has a wide variety of tools or mechanisms through which the other side can get evidence. Sometimes those mechanisms involve one side asking the other for specific information about a question, and sometimes the discovery process involves requesting materials or documents from the other side.

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Texa high asset divorce attorneyHaving a professional practice can make the divorce process much more difficult, as the parties are usually required to value and divide not only personal property but also professional assets and business interests. These types of challenges are best handled by an experienced high asset divorce attorney, so if you have decided to file for divorce and either you or your spouse has a professional practice, please contact our legal team for an initial evaluation of your case.

Dividing Marital Property

Under Texas law, couples who dissolve their marriages must divide all marital assets equitably. This applies to the contents of bank accounts, retirement funds, stocks, real estate, personal belongings, and even business interests. In fact, even when a spouse doesn’t have a specific interest in a business, as is usually the case when one spouse runs a professional practice, he or she could still have a claim to a portion of the business’s value, although not to the practice itself.

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Texas divorce laws, Texas high asset divorce lawyer, For certain types of cases, collaborative law may be an excellent tool for a high-asset divorce and other similar family law proceedings.

When the legislature enacted Chapter 15 of the Family Code in 2001, it was one of the first collaborative law statutes in the country. Two years later, the Collaborative Law Institute of Texas, one of the leading practice groups in the state, had only a few members.

But very soon, the word got out. By 2010, the Institute had grown to over 500 members, and a statistically significant number of hotly-contested high net worth divorce cases now do not see the inside of a courtroom until the very end of the process.

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Texas high asset attorney, Texas complex litigation attorney, Texas complex divorce lawyer, In many situations, a closely-held business is the largest economic asset in a marriage. Moreover, it is often the couple's primary source of income; in fact, in many cases, spouses have put off development in their professional careers to pour their time into the businesses, and reintegrating into the labor force may not be easy. These economic factors sometimes make it difficult to divide these assets in a high asset divorce.

There is an emotional aspect as well, because it is often difficult to disconnect from a business after it has been such a large part of life.

Fortunately, in a number of cases, it is possible to keep a business intact after a high asset divorce. Truth be told, many spouses are better business partners than romantic partners. If they continue to work together, there will inevitably be tension and awkward moments, but these things exist in almost any partnership.

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Texas child support attorney, Texas family law attorney, Texas Family Code, Twenty years ago, the Dallas Cowboys won their most recent Super Bowl against their archrivals from Pittsburgh. Cornerback Larry Brown intercepted two second-half passes from Neil O'Donnell, which the Cowboys turned into two touchdowns, and Red "First Dahwwnn" Cashion was the referee. Now, the game and its participants are largely relegated to NFL Films retrospectives and documentaries.

Twenty years ago, or 1995 to be exact, also saw significant changes to the Texas Family Code. But instead of perusing through cable TV channels ad nauseam, one need only walk into a Texas family court to experience these changes firsthand. Because, at a time when some other states are updating their child support laws, lawmakers in the Lone Star State show no inkling to do so, recent technical changes notwithstanding.

Guideline Support

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Texas family law attorney, Texas complex litigation lawyer, Texas high asset divorce attorney, Could informal marriage be the next big transition in family law? Such relationships are already becoming the norm in many parts of Latin America, and the cultural shift could well follow these immigrants to the Lone Star State. For example, in Columbia, 84 percent of babies are born to unmarried mothers. There are similar statistics in a number of other countries, including Mexico.

The trend could most likely affect Texas because it is one of only a handful of states that recognizes informal marriage for all purposes. While it is relatively easy to enter into a common-law marriage, such a relationship can be difficult to dissolve, even in a high-asset divorce.

Formation

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Posted on in High Asset Divorce

Texas high asset divorce attorney, Texas complex litigation lawyer, Texas divorce laws, In many respects, a stick of dynamite and a high-asset divorce have a great deal in common. Prior to the inevitable explosion, there is a burning fuse. Sometimes the fuse is very short; for example, there may have been an extramarital affair or an outburst of physical violence. Other times, the fuse is considerably longer, as differences simmer and eventually escalate into conflict. This process often takes place over the course of years or even decades.

Especially in the latter scenario, some level of fraud, or attempted fraud, is nearly inevitable. Since a spouse anticipates a high net worth divorce, there is ample opportunity to conceal assets. Fortunately, there are affirmative steps that an attorney can take to mitigate or erase the damage.

Preventative

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Texas complex litigation attorney, Texas high-asset divorce lawyer, asset division in divorce, It is no secret that the higher the account balance, and more diverse the assets inside a 401k, the harder the division is in a high-asset divorce. Recent changes to the law, as well as the interpretation of existing law, has fundamentally changed the way that these retirement accounts are valued and divided pursuant to a marriage dissolution action.

Valuation Methods

The traditional straightforward approach – account balance accumulated during the marriage divided by two – may be inappropriate for some complex property divisions in divorce actions, particularly if the account contains non-cash assets.

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