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Divorce is not so simple when your assets are complex

There's really no way to predict which Texas marriages will last and which will end in divorce. Throughout the nation, the overall divorce rate is reportedly decreasing except for people who are age 50 and older. No matter which age group you belong to, if you're heading to divorce court, you may want to research state property division laws ahead of time to avoid negative surprises down the line. This especially holds true if your divorce involves high-value assets.

No two divorces are exactly the same even though you and your neighbor may share similar experiences. It's typical for divorce to include things like child custody and visitation negotiations or issues involving child support or alimony. However, when marital property includes stocks and bonds, inheritances or trusts, along with investments, achieving a swift and agreeable outcome may not be so easy to accomplish.

Community property rules may impact your divorce

You may already be aware that Texas is one of only nine states in the nation that continues to govern marital property division in divorce under community property rules. If one of your main priorities is to protect your rights and best interests where high assets are concerned, you might find the following information helpful:

  • Things like 401(k) investments, offshore accounts, royalties or deferred compensation can complicate matters when it comes to property division in divorce.
  • As a community property state, Texas law requires all marital property to be split 50/50 in divorce.
  • Debt is also evenly divided between divorcing spouses in this state.
  • Unless you have a prenuptial agreement that specifies certain assets or debts as separately owned, you and your spouse are entitled to equal shares of your marital property value and are also responsible for equal shares of any debt incurred during your marriage.
  • High-end divorce may have business or tax implications that greatly impact your post-divorce life as an unmarried person. It's often helpful to discuss such issues ahead of time with someone well-versed in community property laws and experienced in litigating complex asset divorce cases.

If you do not wish your private financial or business information becoming available to the public, you may want to consider divorce mediation rather than litigation. Mediation is an alternate dispute resolution tool that takes place in a private setting with each spouse retaining his or her own legal representation. However, this type of option may not be the best choice if you and your spouse have trouble communicating with each other in an amicable fashion.

Regardless of which means you choose to pursue a final settlement, an experienced attorney can guide you through the entire divorce process and greatly increase your odds of obtaining the best possible outcome for your circumstances.

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