6034 West Courtyard Drive, Suite 100,
Austin, TX 78730

Call Us512-610-6199

Subscribe to this list via RSS Blog posts tagged in Round Rock high asset divorce attorney

TX high asset divorceOne of the things that sets many high asset divorces apart from other divorces is the ownership of business interests by one or both spouses. Owning these types of assets can make the property division portion of high asset divorces much more complex, so if you and your spouse have decided to get divorced and either one of you owns a business, it is important to contact an experienced high asset divorce attorney who can help protect your interests.

Do Not Delay

Dissolving a marriage can be a lengthy, costly, and emotional process, so it is not uncommon for many couples who decide to end their marriages to delay actually filing for divorce. While this can temporarily delay the potential difficulties that often come with divorce, it will not eliminate them and can actually end up complicating the divorce process itself. For instance, Texas is a community property state, which means that all of the assets acquired by a couple during the course of a marriage are subject to equitable division. This includes not only assets like real estate and personal possessions, but also any increase in their company’s revenue, profit, and income, so the longer a couple waits to dissolve their marriage, the more they may end up needing to divide during the property division process.

Keep Detailed Records

One of the best ways to ensure that any divorce-related property settlement agreement is fair is to provide the court with detailed business records. These records, including bank statements, invoices, contracts, and bills related to monthly expenses can help establish the value of the business in question, as well as its equipment and assets. Pay stubs and paychecks can also be used to establish income, which can play an important role in determining child support and alimony.

...

TX divorce attorneyWhile ending a marriage is always a complicated process, certain types of divorces are notorious for being especially difficult. Couples with significant, unique, and diverse assets, for instance, often face more difficulties when it comes to accounting for and dividing up marital assets when dissolving a legal union. Fortunately, many of these problems can be avoided if the parties involved retain experienced high asset divorce attorneys who can ensure that their divorce is resolved as quickly and as smoothly as possible.

Identifying Assets

There are a number of complications that can arise during any divorce. Some, however, are particularly common in high asset divorces. Dividing marital property, for instance, tends to be much more difficult for couples with significant assets. This is largely due to the fact that a couple’s finances become more complicated as wealth is amassed. As a result, accounting for the many forms of property, which could range from real estate and business interests to stocks and other investments, can become a complex process. For these reasons, couples with significant assets are often encouraged to retain a forensic accountant who can help them track down all of their financial holdings, which in turn, can help ensure that any property settlements reached by the parties will be as fair as possible.

Appraising Assets

It is also much more difficult to appraise all of a couple’s property in a high asset divorce, as the assets tend to be more complex. For this reason, couples who decide to dissolve their marriages and who own diverse or unique property will need to obtain individual appraisals from experts for assets, such as:

...

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.

...

TX divorce lawyerFor couples who are going through a high asset divorce and who also own unique or particularly valuable assets, property division negotiations can be one of the most complex parts of the entire divorce process. Whether an asset falls under the category of a personal possession, a business asset, real property, or another type of asset, its purchase date will have an extremely important impact on how it is divided upon divorce. For this reason, most couples who are going through a high asset divorce are strongly encouraged to carefully evaluate and separate marital property from assets that were accrued prior to marriage.

To ensure that this task is manageable for both parties, couples in this position may want to consider creating a marital property checklist, a tool that often proves invaluable to divorcing parties who are concerned about coming up with a fair and equitable property division settlement. Unfortunately, creating this type of list can be difficult, so if you and your spouse have decided to file for divorce, it is important to contact an experienced high asset divorce attorney who can help protect your interests.

What to Include on a Marital Property Checklist

In an effort to keep the property division process as organized as possible, many divorcing couples choose to create a list of all the marital property that must be divided. Most marital property checklists contain at least four categories of assets, including:

...

TX divorce lawyerWhile many divorcing couples go into the divorce process with the expectation that they may disagree on certain issues, such as who will retain the family home, many fail to remember that they will also need to determine how any retirement assets like 401(k) accounts will be divided. However, it’s important to take these types of unique assets into account when distributing assets, as they can play a crucial role in helping individuals become financially secure after their marriages are dissolved. For help understanding the complexities of dividing retirement accounts during your own divorce, please contact one of our dedicated Round Rock high asset divorce attorneys today.

Does the Account Qualify as Community Property?

How a 401(k) account is divided upon a couple’s divorce depends in large part on whether the funds in the account are characterized as community property or separate property. In most cases, 401(k) plans do not simply fall into one category or the other, as it is common for 401(k) plans to contain both types of property. This is because even if a 401(k) plan was started by one of the parties before a marriage took place, which would technically make it separate property, the interest in the plan that accrued during the course of the marriage will still qualify as community property, making it equitably divisible under Texas law.

Dividing the Account

Spouses who believe that they have a claim to the interest on a retirement plan will need to determine the amount of their share, which will be equal to the value of the plan at the time of the marriage (when it was considered separate property) minus the value of the plan at the time of divorce.

...

TX divorce lawyerDivorce can be a financially and emotionally stressful time. This is true regardless of how much a couple’s assets are worth, especially when children are involved. However, families with unique or valuable assets do face specific issues when it comes to divorce, such as property division disputes, valuation problems, and attempts to hide assets. With this in mind, it is important for couples with business interests, complex assets, or significant financial interests to try and avoid certain pitfalls. Consulting with an experienced high asset divorce attorney can be crucial to the success of this endeavor, so if you are considering divorce and have diverse or substantial assets, you should consider contacting an experienced high asset divorce attorney for advice.

Making Emotional Decisions

One of the worst things that a divorcing couple can do is make decisions based purely on emotion. For instance, one spouse may attempt to relieve themselves of guilt for past wrongdoings by agreeing to pay more spousal support than is necessary or by giving the other party a greater share of marital property. Later, when tempers have cooled, the parties could realize that the decisions they made were not in their best interests. Unfortunately, it is often too late by this point and they will most likely be stuck with their court-ordered property settlement.

...

Texas divorce lawyerMany couples who decide to get divorced have not even heard of the acceptance of benefits doctrine and so don’t know that it could play a significant role in their divorce proceedings. According to this doctrine, litigants are not permitted to accept the benefits of a property settlement and then later decide to challenge it. The only exception to this rule is when the litigant can provide proof that the ruling should be overturned due to special circumstances. This is a difficult task, so if you formerly accepted a property settlement, but later decided to challenge it, you should strongly consider contacting an experienced Round Rock high asset divorce attorney who can explain your legal options.

What Is the Acceptance of Benefits Doctrine?

Just last year, the Texas Supreme Court grappled with the acceptance of benefits doctrine in the case of Kramer v. Kastleman, which involved a couple who had signed a property settlement agreement prior to their divorce. The judge later orally approved the agreement and granted a divorce, although he didn’t issue a written decree until almost a year later. However, before the written decree was issued, the wife rescinded her earlier agreement to the settlement, arguing that her former husband coerced her signature and so committed fraud.

...

Texas divorce lawyerAlthough many couples who file for divorce anticipate conflicts regarding custody or possession of a home, financial problems still catch a significant number of people off guard. Going into divorce proceedings with an understanding of the financial impact that dissolving a marriage will have is crucial, so if you are considering filing for divorce, it is important to consult with an experienced high asset divorce attorney who can walk you through your next steps.

Protecting Your Credit

There are a number of steps that divorcing couples can take to help mitigate certain types of financial problems that they might otherwise face down the road. For instance, protecting one’s credit is an important measure that is often overlooked by divorcing couples. This includes canceling any joint credit cards held in a soon to be ex-spouse’s name, which helps ensure that one party’s credit does not remain tied to the other’s spending habits. This is also a good way to start building a good credit score under your own name.

...
Super Lawyers Super Lawyers TBLS AV Martindale
Avvo Top One Expert Top 10 Law Firm
Back to Top