Divorce is a tiresome and stress-inducing process that no married person wants to experience. When spouses have accumulated a large number of assets over the life of a marriage, each spouse likely has a keen interest in how the assets are divided. If you are concerned about property distribution in your divorce, you should consult with an experienced Arlington, TX high asset divorce lawyer.
The Queenan Law Firm, P.C., would be honored to represent you in your divorce case as we understand the toll divorce can take on a family, and we are here for you in your time of need. To schedule a confidential case evaluation to discuss your situation, contact The Queenan Law Firm, P.C., at (817) 476-1797. You may also contact the firm online using our short submission form.
Common Concerns for High Asset Divorces in Arlington, TX
Married couples with high assets are subject to the same laws as any other married couple residing in Texas. However, many spouses enduring a high asset divorce have a number of valid concerns about the process. Working with an experienced Arlington, TX high asset divorce lawyer that understands these concerns is vital to ensure you are pursuing your desired outcome for a divorce.
One of the most common concerns for a high asset divorce is the possibility that a spouse is concealing assets from the other spouse. The hiding of marital assets is a valid concern because Texas is a community property state. Community property states treat nearly all property acquired during the marriage as property that belongs to both spouses. For example, if one spouse has a career where he or she earns millions every year, and the other spouse is a stay-at-home parent, there is a clear income disproportion.
When a spouse is aware that their earnings can be divided evenly due to the laws of a community property state, they may attempt to hide assets in offshore accounts or a variety of other ways. That is why it is vital to have an Arlington TX high asset divorce attorney that will thoroughly investigate signs of asset concealment, like unexplained missing income and various other tactics.
Additionally, a spouse can avoid having the court divide certain types of property if they can prove it is separate property. Separate property is often property acquired prior to the marriage or gifted to a spouse. Claiming community marital property as separate property is one way that a spouse can unjustly take property from their spouse.
Jointly Owning a Business
With the ever-changing economic landscape, it has become easier for spouses to enter into business together. Many spouses operate their business as partners, which can be troublesome if the spouses one day decide to divorce.
If spouses cannot agree to continue to run the business together after a divorce, they will have to find a way for each spouse to get their share of the company. For example, if one spouse wants to sell the business and the other wants the business in order to keep earning income, one spouse may be forced to buy out the other spouse’s share in the company.
Alternatively, spouses may agree to trade a different asset with a similar value in order to keep the business running. Before making any agreement like this, it would be wise to consult with an attorney to understand how it may affect you in the future. For example, the business could be on the verge of becoming highly profitable, which could easily alter the price of a buyout.
Determining the custodial parent during a high asset divorce is an issue that can have a profound impact. The custodial parent will likely be awarded child support and possibly spousal support. Additionally, the court would be inclined to provide the marital home to the custodial parent to avoid uprooting the children’s lives. This could easily shift the division of property in favor of the custodial parent.
Retirement accounts are especially important because they affect how a person will be able to manage their expenses once they decide to retire. As a result, many spouses are protective over retirement accounts like individual retirement accounts (IRAs) or 401(K)’s.
Retirement accounts are subject to Texas’ community property laws. This means you should speak with an experienced Arlington TX high asset attorney to determine how a divorce could affect your retirement.
If you did not secure a prenuptial agreement prior to your marriage, most of the assets accumulated during the marriage would be subject to the court’s process for dividing property in Arlington, TX. Our firm can help you determine how a divorce will affect your assets.
Work with Our Committed Arlington, TX High Asset Divorce Attorney to Manage Your Case
If you need legal assistance managing your high asset divorce, contact a dedicated Arlington high asset divorce attorney to discuss your claim. The Queenan Law Firm, P.C., possesses extensive experience litigating high asset divorces, and we are prepared to use our knowledge to fight for you. To discuss your divorce in a confidential consultation with one of our committed attorneys, contact The Queenan Law Firm, P.C. at (817) 476-1797.