Since Texas is a community property state, divorce courts typically divide most marital assets evenly between the spouses. This means that, with a few exceptions, any assets or funds the spouses acquire while they are married are on the table during the divorce unless the couple had a premarital agreement saying otherwise. Many spouses find their retirement funds, businesses and hard-earned money split in half during a complex divorce.
Support and guidance are essential for most Texas residents who are contemplating divorce. While the average divorce does require a variety of issues to be negotiated, a complex divorce can involve extensive assets, liabilities and other items that need to be taken into consideration. The choice of legal representation can be instrumental in navigating the process.
Computers, telephones, tablets and other electronic devices have replaced traditional forms of communication and document storage for many Texas residents. In many instances, married couples share accounts or at least passwords; they also may have their devices synced so that they can quickly and easily share information. However, when this is the case, and the couple finds themselves involved in a complex divorce, these same devices can become a privacy concern for the individual.
Who gets the house? How will the investment accounts be divided? How much will be paid in alimony? There are numerous financial decisions that the Texas couple must make when they become embroiled in a high net worth divorce.
People going through a divorce where a lot is at stake financially are likely thinking about one thing in that respect -- protecting their assets. There are many issues surrounding a complex divorce, but the primary contentious one seems to be finances. There are a few things Texas residents who are in the throes of divorce might consider doing to keep from losing most of their assets.
There are several contributing factors that may lead to a more complicated divorce. Significant assets, difficult exes and age can make reaching an agreeable divorce settlement difficult, and may even drag on proceedings for longer than either party is happy with. Complex property division might be especially troublesome for those older than 50.
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.
Many Texas entrepreneurs build their wealth with a spouse. Working side-by-side, they find a niche in a market and work together to build a dream. As time passes, the relationship may start to unravel, and the couple may be looking at filing for a divorce. Untangling years of a intimate relationship can be painstakingly frustrating and time consuming, but when a privately owned business is one of the assets, one may find it difficult to objectively look at the possibility of a complex divorce.
When a Texas resident is elected to a seat in the political realm, his or her life becomes open to scrutiny. Almost all personal issues come center stage, and the public then has the opportunity to weigh in with opinions and ideas. When a complex divorce becomes pubic knowledge, politicians and family members should be prepared to have every aspect of the events surrounding the entire marriage placed on display. A high-ranking official in another state is learning the hard way how politics and married life may not always mix.
Executives and business owners are not exempt from the perils of real life, love and loss. Divorce can reach its tendrils into any marriage, regardless of how wealthy, poor, educated, or how in love a couple once was. Texas executives and business owners may want to take extra caution to safeguard their financial future should a dissolution of nuptials appear on the horizon, as a complex divorce could be time-consuming and expensive.