Are You Going Through a Divorce and You or Your Spouse has a High Net Worth?
If you're thinking about a divorce, you may be hesitating because of your status as a high net-worth individual. Typically, those who have high net worth have liquid financial assets (or assets that can easily be converted into cash) exceeding $1 million in U.S. currency. However, people of this status also have non-liquid financial assets to boot, such as houses, cars, and property. Because many couples without prenuptial agreements divide their property as equally as possible, you may be worried that half of your finances will go to your spouse.
Texas Asset Division Laws
In a marriage, there are two types of assets, communal and separate. While you may have brought property into the marriage, the assets you and your spouse acquired over the years is considered communal. As Texas is a communal property state, all income earned and all property purchased during the marriage belongs to both spouses and must be split equally during the divorce. All communal debt is also split. However, whatever you brought to the table before the marriage is separate, meaning it may be protected from the division if you can prove it belonged to you prior to marrying.
Why Divorce Lawyers Are Essential
Divorce can be one of the most difficult experiences to go through, which is why you should have someone fighting on your side. An excellent divorce lawyer will work aggressively to your benefit, but they will also remain an impartial party in the proceedings. For example, while you may lose your temper trying to negotiate who gets the house, a lawyer will keep a calm and logical head, which can help if negotiations go to court.
If you're ready to begin divorce proceedings, talk to our Cleburne high net-worth divorce attorney. We can discuss your situation and use our 20+ years of experience to your advantage.
Call us at (817) 567-2899 or fill out our online form for a case consultation.