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TX high asset divorce lawyerIn Texas, assets acquired during a marriage are subject to equitable division upon divorce. Whether a couple is able to reach a divorce settlement on their own in an out-of-court setting, or a court orders property division after the parties’ litigate the issue, a divorce will only be officially granted when an arrangement has been reached. In most divorce cases, all property-related issues are resolved by the time the court issues a divorce decree. However, it is also not uncommon for one party to discover, after a divorce has already been finalized, that his or her former spouse was hiding assets in an effort to retain sole possession. Concealing assets during divorce is unlawful, so parties who determine that they were unfairly denied an equitable portion of a specific asset can ask the court to step in and distribute the previously undivided property. This can be a difficult endeavor, so if you recently discovered that your former spouse was hiding assets during your divorce proceedings, it is critical to contact an experienced high asset divorce attorney who can help you collect your rightful share of your marital property.

Dividing Assets

During divorce proceedings, courts require couples to provide evidence of all of their different assets, including titles, deeds, bank statements, and receipts for collectibles like artwork or antiques. Providing this documentation helps give courts a good idea of each party’s financial holdings, which in turn, enables them to fairly and justly divide those assets between the parties. Obviously, a fair distribution of marital assets isn’t possible if one of the parties, or the court, is unaware that certain property exists. For this reason, when a party later learns that a former spouse was concealing assets, courts allow them to file a new lawsuit requesting distribution of the remaining undivided property.

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TX divorce lawyerAlthough Bitcoin is a relatively new type of currency, it is already playing an important role in the finances of many couples. Bitcoin, which is often referred to as cryptocurrency because it has no physical form, is not controlled by any government agency but is maintained in virtual accounts. Despite these major differences between virtual and standard currency, Bitcoin can be distributed during the property division process as if it were any other asset. For help ensuring that your own virtual assets are fairly and properly divided upon divorce, please contact our high asset divorce legal team today.

What Is Bitcoin?

Bitcoin is essentially a line of computer code that holds monetary value and is otherwise known as digital currency. While bitcoin can be stored offline on the owner’s computer hardware and so can be kept relatively safe, this digitization also means that it is easier for a spouse to transfer or hide them without the other spouse’s knowledge. The best way to ensure that your spouse is not hiding assets in this way is to take note of any conversions of real marital assets, like the contents of a bank account, into digital Bitcoin, which should leave a paper trail. Although it can be difficult to establish ownership of these types of assets, this is one of the most effective methods of ensuring that marital property that has been converted into digital currency will be divided appropriately.

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Texas divorce lawyerDivorce can be a difficult process, no matter how respectful and amicable the parties are to each other. This is especially true in cases where substantial assets are involved, as it can be extremely difficult to account for and divide a diverse range of property and valuables. If you need help preparing for your own divorce, you should strongly consider speaking with an experienced high asset divorce attorney who can assist you.

Diverse Assets

One of the most difficult aspects of high asset divorces is identifying and fairly distributing assets, which could include:

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Posted on in High Asset Divorce

Texas divoece lawyerMany couples who go through a divorce disagree on what constitutes a fair division of assets. These disagreements can become especially contentious when a couple has a significant amount of assets, or unusual non-traditional property. In these cases, the parties must be able to provide proof of the value of the assets in question to ensure that both individuals receive a fair portion. Unfortunately, this can be a difficult process for certain types of valuable assets, such as fine art, antiques, sports memorabilia, and collectibles, so retaining a high asset divorce attorney who has the resources and experience necessary to grapple with these kinds of issues is critical to the prompt and fair division of property during a divorce.

How Do I Place a Value on Unusual Assets?

Valuation is a key part of the property division process for high asset couples because the amount that each party will receive varies depending on the value of each of their assets. Unfortunately, estimating value for unusual items, such as artwork, can be difficult, as the couple may not even know its actual worth. For this reason, most high asset couples will need to work with an expert appraiser who can inspect the object and then determine how much it would go for at auction.

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Texas complex litigation attorneyAlthough many families treat their pets like members of the family, the reality is that for the purposes of deciding who gets the pets in a divorce, animals are legally considered property in Texas. This means that if a couple is unable to come to an out-of-court agreement about who will get custody of the pet, the court will assess the situation based on community property law. This can have unfair results, so if you are going through a divorce and have questions about who will retain custody of your family pet, please contact a family law attorney who has experience in complex property litigation matters.

Community Property Rule

Because animals are considered property in Texas, courts will apply the standard community property rules when deciding pet custody issues. This means that the court will attempt to divide the property in a way that is equitable. When a family pet is the property at issue, the court may assess who has historically been the pet’s primary caretaker, evaluate each spouse’s living situation, and if a couple has children, determine whether they are especially attached to the animal.

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Texas divorce lawyer, Texas family attorneyA Texas divorce proceeding or child custody proceeding can bring about a host of changes to your life and the life of your children. Some of these changes may be unwelcome and unpleasant, such as having to move to another residence or even having to seek and obtain a protective order. Nonetheless, it is imperative that you approach these types of proceedings knowing that changes are not just a possibility, they ought to be expected.

Four Things Likely to Change in Your Texas Family Law Case

Litigants in a divorce or child custody proceeding can expect to make at least four changes during the course of their case:

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Texas family attorney, Texas complex divorce lawyerA recently introduced bill could have a substantial impact on what courts are permitted to include in temporary orders during a family law dispute. The bill has not been passed, but is currently being reviewed by one of the House of Representatives’ committees.

Temporary Orders

Under current law, courts are permitted to grant temporary orders during appeals of family law matters. These orders can direct one or both parties to:

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Texas divorce attorney, Texas family lawyerEven when a couple chooses not to officially get married, their relationship may qualify as a common law marriage. In these cases, separating couples are still required to go through the process of divorce, so if you have questions about whether your relationship qualifies as a common law marriage and what steps you need to take to obtain a divorce, it is critical to contact an experienced complex divorce attorney who can explain your rights and responsibilities.

Common Law Marriage Requirements

Before ending a long-term relationship, couples should make sure that their union does not qualify as a common law marriage, which requires that the couple has:

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