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Complex property division can hold up the finalization of divorce

There may come a time in a Texas married couple's life that staying together is no longer an option. The divorce can move forward with little to no hiccups, but in some cases, especially those involving a complex property division, the proceedings can last for months. Add spurned adult children to the mix and a possible love affair, and the divorce process can become even more lengthy and costly.

The divorce of an elderly couple in another state has been one for the books. The couple had been married for 70 years and amassed a substantial net worth. The wealth, which came from real estate holdings, is in the process of being divided between the once happy couple. To complicate the already delicate matter of dividing up such a massive estate, the holdings are also owned by the couple's three adult children, all of whom have an expressed the desire to not have to deal with their father anymore.

The couple does not have a prenuptial agreement and the empire they built together must be distributed equally. The presiding judge along with forensic accountants and the ex's attorneys have been pouring over and presenting possibilities to distribute the assets. So far, the couple has settled on the disbursement of 50 of the companies they once owned together.

Most Texas divorces do not involve such a complex property division, but nonetheless, still hold value and assets that each soon-to-be ex-spouse would like to hang on to. Understanding the laws with regard to how the assets will be split is crucial, especially when one owns a business. Obtaining an attorney to represent one in a divorce case is crucial to making sure that each ex-spouse is handed their just due with regard to property and finances.

Source: mypalmbeachpost.com, "Burt and Lucille Handlesman reveal how divorce will impact empire", Jane Musgrave, April 29, 2018

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