What Sets These Divorces Apart
If you are considering a divorce and you and your spouse own many assets, it's essential to be aware of what is at stake. Generally, high asset divorces involve more complex financial negotiations. Each spouse tries to protect their share of the marital estate; many of these assets tend to be more complicated than traditional household items or bank accounts. Keep reading to learn about several assets often at issue in high asset divorces.
Retirement accounts are often one of the most valuable assets in a divorce, particularly for older couples. In Texas, these accounts are generally considered community property and subject to division between the spouses. However, there are some exceptions.
If one spouse had the retirement account before the marriage, it might be considered separate property. Additionally, if the couple has a prenuptial agreement or post-nuptial agreement that explicitly states how the retirement account will be divided in a divorce, then that agreement will take precedence.
Real estate is often one of the biggest assets to be divided in a divorce. In many cases, the family home is the most valuable asset. However, in high asset divorce cases, it's more common to see multiple pieces of real estate present in the case. Other real estate assets may include vacation homes, investment property, or commercial property.
Businesses are often involved in high asset divorces; whether the spouses went into business together or one spouse started a business before the marriage, these can be challenging assets to work within a divorce. Businesses can be difficult to value, and there are many different ways to divide them up in a divorce. Often, businesses will be sold and the proceeds divided between the spouses. Other times, one spouse may keep the business and buy out the other spouse's share.
Work with a Texas High Asset Divorce Attorney
If you're going through a high asset divorce, it's important to work with an experienced attorney who can help you navigate these complex issues. At Diggs & Sadler, we know how important it is to work through the challenges of a high asset divorce while protecting your best interests throughout the process. We are committed to working with you to not only learn your needs but to put them first throughout your case.
Learn more about high asset divorce in Texas or schedule a consultation with a member of our team by calling us at (713) 766-5355 or by visiting us online.