Divorces can become particularly complex when the parties share significant assets. Because this state recognizes the concept of communal property, this means that a family court has broad discretion to award assets as it sees fit. To take steps toward protecting your future and that of your children, it is important to contact a Missouri City high-asset divorce lawyer who could help you end your marriage on favorable terms. Our local divorce attorneys could guide you through this process and help you protect your property which is important to the well-being of your family.
How Courts Handle High-Asset Divorces
According to Texas Family Code §3.003, the law presumes all property owned by either spouse during marriage belongs to both parties. When a couple has significant assets, distribution becomes more complex. A small business’s holdings may have to be split between the two parties, or the court may force the sale of real estate with the proceeds split between the two parties. The court may also require the transfer of stock or other financial instruments.
High-asset divorces differ from traditional divorces in many ways. Typical divorces can often resolve through a settlement. When two parties have few assets, it is far more likely that they will be able to agree on how a court should divide this property moving forward. As such, as the number and value of these assets grow, so too does the complexity of the case.
In short, a high-asset divorce could result in a distribution of property that leaves neither party satisfied or in a stable financial situation. It is even possible that the court could order one party to surrender assets that they acquired before getting married. This applies to assets across the spectrum. Significant stock holdings are part of marital property, and a court may order a split. It is also possible that a court may force the sale of real estate from which individuals receive rental income. Even long-term investments or deposits that bring passive income are subject to distribution.
One role of a Missouri City attorney in a high-asset divorce is to protect their client and the financial future of their children. To do this, an attorney could bring forward a binding prenuptial agreement if one exists to direct this property division process in a way that satisfies both parties. If one does not exist, a lawyer could present arguments that aim to preserve the assets an individual believes to have the highest sentimental or monetary value.
Challenges Of A High Net Worth Divorce
Parties entering a divorce when they own significant assets must take every possible step to protect their financial futures. This is especially true when one party is a sole financial provider or earns income through passive assets, such as trust funds or investment accounts.
The court will usually strive to act to place both parties on an equal financial footing for the future. If one party brought the majority of income to the family prior to the divorce, this could result in substantial alimony payments. In other cases, the court could order the sale of tangible assets, such as real estate, if parties cannot come to an agreement concerning its distribution.
Entering a divorce that involves significant assets raises certain challenges that are not present in traditional divorces. The discovery period where parties list their assets and demand information about their spouse’s financial standing may last for a lengthy period of time. If the parties are still willing to negotiate, a post-marital agreement could help to retain control over the distribution of assets. A Missouri City attorney could take the lead in negotiating and drafting these types of agreements in a high-asset divorce.
Divorces involving significant assets can also have a great impact on a couple’s children. Courts have just as much power to ensure the proper care of children as they do to divide assets. As such, a court may allow the parent with primary custody to keep the family home.
Contact A Missouri City High-Asset Divorce Attorney
Everyone who is contemplating filing for divorce needs to be aware of the impact that it will have on their lives. Texas’s communal property law states that all property owned by either party in a marriage is subject to distribution during a divorce. In situations where a couple has high-value property, this can involve millions of dollars in assets. A Missouri City high-asset divorce lawyer is ready to help. Our compassionate team could measure a couple’s marital assets and compose arguments for why they should stay with you. Contact us online or call us at 713-714-3710 in Houston or at 512-572-1207 in Austin.