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How High-Asset Divorces Are Handled in Texas

 Posted on December 14, 2023 in Divorce

Wise County divorce lawyerWith an impending divorce looming, you and your spouse may both be concerned about how your assets may be divided. Protecting your assets is essential, especially if many of them need protection. To ensure you keep everything you have worked hard for, it is in your best interest to understand precisely how Texas's division of assets works. A knowledgeable attorney with experience in high-asset divorce will be able to answer any questions you may have regarding the legal matters surrounding asset division.

Community Property

Texas is a community property state. A community property state means that all assets acquired during the marriage are to be divided and distributed in a just and right manner. So, no matter how much one spouse worked more than the other, the court takes the entire estate under review when determining how the assets will be divided.

Assets acquired before marriage that have not been commingled with the marital estate are still considered personal property and are not eligible for division. Separate property can also include items received during the marriage in the form of gifts or inheritance. The individual claiming separate property must be able to prove to the court that the property is indeed separate from the marital estate or risk that property being subject to asset division.

Benefits Are Marital Assets

Your spouse can claim a share of your pension, retirement, and any other employee benefits you currently or intend to enjoy later in life. Certain factors cover exactly what portion of those benefits your spouse may be entitled to, which include:

  • Duration of marriage
  • When the marriage took place
  • The date of employment for the benefits (a spouse could be entitled to a smaller portion if the benefits were started before the marriage)
  • Other determining factors

Debts are also shared in a Texas divorce. Do not attempt to hide any assets from your spouse. Both parties must legally disclose any assets and liabilities they possess fully. To hide any asset can be considered perjury and cause additional complications during the divorce. Remain open and honest, and always assume that the court will uncover anything you attempt to hide.

Contact a Wise County, TX Divorce Attorney

When going through a high-asset divorce it is important to get out ahead of the situation and find out where you stand financially. You can assemble a list of your assets and debts and subtract your liabilities from your assets to determine your net worth. A skilled Decatur, TX high-asset divorce lawyer can assist in any manner necessary to help ensure you walk away from the divorce under the best possible circumstances. You can reach the J.A. Griffin Law Firm, P.C. by dialing 817-926-6153 and enjoy a free consultation discussing your current legal matters.

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