When the celebrity chef Bobby Flay and his soon-to-be ex-wife, Stephanie March, attended a court hearing recently, the hostility between the two was evident. Any celebrity couple -- in Texas or elsewhere -- who is going through a high net worth divorce will typically have their private lives exposed by the media, only to make the process more traumatic. Stephanie March is contesting the validity of their prenuptial agreement, asking the court to declare it null and void.
When a couple files for a divorce in Texas, they will be subject to the community property laws of the state. All assets gathered during a marriage will be subject to division in an equal manner. Assets that were brought into the marriage by either partner will remain the property of that person. However, when an inheritance forms part of a couple's assets in a divorce, the handling of the money may determine whether it is separate or community property.
Some divorces are calm and amicable while others are contentious and stressful. Regardless, some level of pain will be experienced, and limiting conflict may lessen the pain. While it could be regarded as a truism, any divorce is less stressful if both parties can leave emotion at the door. The objective input of experienced Texas divorce attorneys and their resources of other professionals may assist divorcing spouses in keeping a clear head during matters such as child custody and property division discussions.
Small business owners and entrepreneurs in Texas may be working so hard on building successful businesses that they fail to stop to think of the consequences of a divorce -- either theirs or those of their business partners. Texas is a community property state, and an unprepared business owner who is going through a divorce may lose half of his or her business during property division. In many cases, small businesses are partnerships, and if one partner's marriage ends in divorce, his or her ex-spouse may end up being an unwanted partner in the business.
Credit card debts accumulated during a marriage are regarded as marital property during the division of marital assets in divorce proceedings. Texas is a community property state, and even if a particular debt is in the name of one spouse, both may be held responsible. Couples who are considering divorce typically want to move on to a new life post divorce without the responsibility of old debt. If this matter is left unattended, the court will typically divide debts on a 50-50 basis during the property division process.
Spouses in Texas marriages that are heading for a divorce may be concerned about getting their fair share of their assets. This is especially true when the value of the assets is substantial. The process of property division in a high-asset divorce could prove to be complicated and you may need the expertise of an experienced attorney to protect your rights.
Texas couples that have filed for divorce may consider filing separate tax returns. However, they may have many questions about the rules related to such filings. Texas is a community property state and has particular laws pertaining to property division and tax returns. The tax for married couples that file jointly may be lower, but some couples may benefit from filing separately.
Texas readers may be interested to learn about the recent news that a final ruling is imminent in the high net worth divorce of Harold and Sue Ann Hamm. The soon-to-be divorced couple resides in an adjacent state, and Mr. Hamm is said to be number 29 on the list of richest Americans. The source of the bulk of his business assets -- estimated to be about $14 billion -- is apparently his 68 percent share in Continental Resources. The couple's marriage lasted for 26 years, and it is reported that they never signed a prenuptial agreement before their wedding -- a fact that is a contributing factor in this complex divorce.
Considering filing for divorce may force couples to take a good look at their assets, and agree on how they would like to have them divided. Texas is a community property state, meaning that all assets acquired during the marriage will effectively be split on a 50/50 basis. However, if there is an existing prenuptial or postnuptial agreement, couples may have some control over the property division process. In addition to the items addressed in such an agreement, there are financial matters that may need attention prior to commencement of divorce proceedings.
Citing an irretrievable marital breakdown as the result of irreconcilable differences, Kenneth Griffin recently filed for divorce in another state. This filing was not entirely unexpected, as the couple had been separated for over a year. However, his wife was unaware of his intention to file for divorce while she took their three children on a summer vacation. This high net worth divorce will likely catch the attention of many residents in Texas. This was Kenneth’s second marriage, while it was his wife’s first.