Regarding high-asset divorce, property division can be an overwhelming process. However, our team at Diggs & Sadler can guide you every step of the way.
We can help you with the following during your high-asset divorce:
- Understanding your property rights
- Protecting your business
- Protecting your assets
- Dividing your property
- Apportioning responsibility for debts
While you may think you know everything, there could be hidden assets you are unaware of. This is why you must work with a team of Houston lawyers experienced in high-asset divorce to ensure you protect your assets.
The division of property and assets in high-asset divorces can be more complex and contentious than in divorces involving fewer assets. The primary goal is to reach a fair and equitable distribution of marital property between the spouses.
Texas Community Property Laws
Texas follows community property laws, which generally means that assets and debts acquired during the marriage are considered community property and should be divided equally between spouses. However, equitable division doesn't necessarily mean an equal 50-50 split. The court may consider various factors, including the earning capacity of each spouse, the length of the marriage, the contributions of each spouse to the acquisition of assets, and the separate property owned by each spouse.
Protecting Your Business Interests in Divorce
For business owners going through a high-asset divorce, protecting the value of your business is often one of the most crucial concerns. Texas law allows businesses to be classified as community property if they were established during the marriage or if marital funds were used to support the business. However, if the business was established before the marriage or is considered separate property, it may be excluded from division.
During the divorce, it is vital to ensure that your business’s value is properly assessed and strategies are implemented to safeguard it from unfair division. Whether through a buyout, continued joint ownership, or other arrangements, our attorneys can help you identify the most appropriate approach to protecting your business interests while ensuring compliance with Texas property laws.
How Much Is Your Marriage Worth?
When it comes to high-asset divorce, it is essential to understand your assets and your net worth. While you may think you know everything, there could be hidden assets you are unaware of. This is why you must work with a team of Houston lawyers experienced in high-asset divorce to ensure you protect your assets.
If you are facing a high-asset divorce, you may be worried about your ability to afford an attorney.
Texas High-Asset Divorce Process
The process of high-asset divorce in Texas follows similar steps to a regular divorce but often involves more complex financial considerations.
- Consultation with an attorney: The first step is to consult an experienced family law attorney specializing in high-asset divorces. They will review your situation, discuss your goals, and guide the best action.
- Filing the divorce petition: To initiate the divorce, one spouse (the petitioner) files a divorce petition with the appropriate Texas family court. The petition outlines the grounds for divorce and the relief sought, such as property division, spousal support, child custody, and support.
- Temporary orders: In high-asset divorces, temporary orders may be necessary to address immediate issues like child custody, temporary support, and asset preservation until the final divorce settlement. These orders provide guidelines and protections during the divorce process.
- Discovery: Discovery is a crucial step in high-asset divorces, where both spouses exchange information about their financial assets, properties, debts, income, and expenses. It may involve requests for the production of documents, interrogatories (written questions), depositions, and potentially the use of financial experts to evaluate complex assets.
- Property division: Texas follows community property laws, which generally require an equal division of community property acquired during the marriage. However, in high-asset divorces, the court may consider factors such as the nature of the assets, the earning capacity of each spouse, and contributions to the acquisition of assets when determining a fair division. Negotiations, mediation, or collaborative divorce processes may be utilized to reach a settlement agreement.
- Business valuation: A professional business valuation may be necessary to determine its worth if either spouse owns a business or has ownership interests in a company. This valuation helps determine how the business assets and income will be divided or if a buyout is necessary.
- Spousal support (alimony): In high-asset divorces, spousal support may be a significant consideration. The court will evaluate factors such as the length of the marriage, the income and earning capacity of each spouse, and the standard of living during the marriage to determine if spousal support is appropriate and, if so, the amount and duration.
- Child custody and support: If children are involved, custody and support arrangements will be determined based on the child's best interests. The court may consider factors such as the child's needs, the parents' abilities to care for the child, and their respective financial capabilities.
- Settlement or trial: Most high-asset divorces are resolved through negotiation and settlement agreements. If the spouses cannot reach a mutually satisfactory resolution, the case may proceed to trial, where a judge will make final decisions on unresolved issues based on the evidence presented.
- Finalizing the divorce: A final divorce decree is prepared and submitted to the court once all issues are resolved through settlement or trial. The decree outlines the divorce terms, including property division, spousal support, child custody, and support. Once the court approves and signs the decree, the divorce is finalized.
Contact Our Houston High-Asset Divorce Attorney Today
If you're seeking the assistance of a knowledgeable Houston high-asset divorce lawyer, look no further. Diggs & Sadler is here to support you.
Our legal team recognizes the complexities involved in navigating high-asset divorces. It is committed to providing reliable and empathetic legal representation, empowering you to approach your case confidently.
Contact Diggs & Sadler today to arrange a complimentary consultation with our skilled, high-asset divorce lawyer in Houston!
