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High Asset Divorce Archives

Retrial set in Texas divorce case

An appeals court in Texas has ordered a retrial for the owner of World Environmental and partly reversed the decision of a lower court in a case involving payments the owner owes to his ex-wife. Originally, his former spouse was awarded $361,040 in damages, $25,000 in attorney's fees, and $2,500 related to the abuse of the evidentiary discovery process. The court found that he had failed in his fiduciary duties toward his ex-wife and that he was in breach of contract.

Divorce does not have to ruin finances

As many Texas residents have found, one of the major conflicts that can arise in a divorce negotiation is the fight over a couple's assets. It can become so complicated that it can lead to the destruction of the financial health of both parties since it can be drawn-out and costly. However, it does not have to be this way.

Points to consider before getting a divorce

A spouse in Texas who is considering a divorce may want to ask themselves a number of questions before starting the separation process. The answers might persuade them to remain in the marriage, but even if they do not, these points can give the person a clearer idea of how to move forward with the divorce.

Dividing retirement accounts and the QDRO

Since Texas is a community property state, a retirement account might be divided 50/50 during a divorce. However, a qualified domestic relations order may be a necessary document for this division. While a QDRO and the division of retirement accounts can be complex and costly, a QDRO may also help facilitate the speedy transfer of funds. People might want to work with a certified divorce financial analyst in order to make sure that they understand the terms of the QDRO and that they can use the division of funds to their best advantage.

Divorce between business owners could threaten company

When married couples own a Texas business, the property division phase of a divorce could create undesirable consequences for the company. In the case of TransPerfect, a translation software business, when the couple who founded the company ended their romance, the man and woman had no agreement in place that outlined how to unravel their business holdings. Because they could not come to terms independently, a court ordered the sale of the company, which could impact the jobs of 3,500 people.

Anticipate and accommodate potential hurdles in divorce planning

Ending a marriage is always a challenging process, and some say the higher the value of the assets involved, the more complex the divorce. Along with the emotional and logistical difficulties, determining the best time to file for a divorce can be tough. Certain life events can have an adverse impact on your finances if they happen concurrently with a divorce. 

Division of retirement funds deserves special attention

Keeping proper records related to retirement funds and beneficiaries is important because if you are in your late 40s, you may already have several different retirement plans of which you must keep track. If you are going through a divorce, there might be significant amounts at stake, and your financial future could be in jeopardy if the division of retirement accounts is improperly handled.

Methods to preserve business assets in a divorce

Texas business owners may not have accounted for a marital split as a possible risk to their companies. However, roughly half of all first marriages end in divorce, and an even higher percentage of second and third marriages don't last either. Even if a company was run by one spouse, it may be considered a joint asset. In some cases, a couple's entire net worth may be tied up in the business.