Posted on in Divorce
Divorce can often mean the end of the road for the relationships of many couples that have worked together to develop capable lives for themselves, but some spouses that are attempting to exit relationships may have martial estates that are valued in the millions of dollars. When there is considerable money at stake in a divorce proceeding, then a person will want to be sure they are working with an experienced Collin County high-asset divorce lawyer.
There is often bound to be some tension between spouses when there are considerable assets at stake in a divorce case, but people will want to take all of the appropriate steps to protect the property that is most important to them. Businesses, retirement accounts, and various investments can all play roles in these cases.
Asset Division Issues
Texas is a community property state, meaning that all property acquired during a marriage is shared jointly by both spouses. Dividing community property from separate property in a high-asset divorce can be one of the more grueling aspects of the divorce.
The general rule of property division established under Texas Family Code § 7.001 states that in any decree of divorce, the court must order a division of the estate of the parties in a manner that the court deems just and right. A court’s determination of just and right can vary depending on a number of factors, including fault for the dissolution of the marriage such as infidelity, custody of minor children, and other needs.
Both parties in a high-asset divorce are going to want to employ financial experts who can assist in properly appraising the value of various assets. Businesses again represent one of the most complex assets to divide, and the interest of both parties in continuing to run the business will play a major role in a decision relating to its operation.
Spousal Support
Many high-asset divorces will involve one spouse being dependent on the other. In such cases, it is not uncommon for that lower-earning spouse to seek some kind of spousal support from the other spouse.
Not all divorcees are entitled to spousal support in Texas, as state law requires a person to have been married for at least 10 years. Family violence, spousal disability, and caring for a disabled child can also impact spousal support decisions.
A spousal support award could be the result of an agreement between the spouses, but a court cannot award more than $5,000 or 20 percent of a paying spouse’s income per month, whichever is less. Spousal support cannot last for more than 60 months when a marriage lasted at least 10 years, 84 months when a marriage lasted between 20 and 30 years, or 120 months when a marriage lasted more than 30 years.
Contact a Collin County High-Asset Divorce Lawyer
Do you think that you might be preparing to enter what is going to be a high-asset divorce in Texas? You will want to be sure that you are working with a Plano high-asset divorce attorney at Law Office of Brian Bagley who can walk you through every single requirement in the process. Attorney Brian Bagley has more than a decade of legal experience. Call (972) 843-7158 or contact us online to receive an initial consultation to further review your case.
Source:
https://statutes.capitol.texas.gov/Docs/FA/htm/FA.7.htm#7.001