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Posted on in High Asset Divorce

Texas divorce lawTexas law requires that divorcing couples divide their property in an equitable manner. However, this rule only applies to marital property, as separate property will remain under the sole ownership of the original holder. Inheritances, for example, are considered the separate property of the person to whom they were bequeathed, even if they were given to one spouse during a marriage. In some cases, it is still possible for another party to retain a portion of one spouse’s inheritance, so if you were given a valuable gift or inherited property from a loved one during your marriage and you are now going through a divorce, please consider speaking with a high asset divorce attorney who can help you protect your assets.

Separate Property

Under Texas law there are three types of assets that qualify as separate property:

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protecting inheritances, Cedar Park complex litigation attorneyCurrent divorce rates have been a recent hot topic. And although these statistics fluctuate, the general consensus is that approximately 40 to 50 percent of first marriages will end in divorce. The failure rate for subsequent marriages is even higher. Most couples who get married believe that it will be "forever." However, the reality is that couples have a 50-50 shot at making it work. Hence, it is a good idea for couples to not just consider the romantic possibilities of marriage, but to also consider the realities of divorce. Furthermore, if you are planning to get married, and anticipate receiving a future sizable inheritance, it is important to consider ways to avoid a high-asset divorce—pending the worst becomes reality.

One of the easiest and safest ways to protect inherited properties is to draw up a prenuptial agreement before marriage. If you are already married, then you and your spouse may want to draft a postnuptial agreement. Each of these documents work to protect both parties in the event a marriage ends in divorce.

Ownership of assets such as inherited property, money, businesses, or other valuables can be clearly spelled out in an agreement, and can ensure that there will not be a long, drawn out divorce fight over the inherited assets.

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