As a person getting a divorce in Texas, you should understand that there are certain risks that couples with higher assets face that others don't. Some may be quite unexpected as well, such as the increased possibility of a spouse attempting to hide assets. While this is illegal, that doesn't stop people from doing it.
Married people in Texas know that they live in a community property state so that if they get divorced, their assets may be split regardless of the name on an account or other ownership except in some cases, such as when a prenuptial agreement dictates otherwise. This loss of assets can be devastating for any person but it seems that it can be particularly difficult on women who get divorced after the age of 50.
Texan residents like you who are getting a divorce may have extra hurdles to jump if you have a lot of assets. Today, we at Law Thompson, P.C., will discuss some tips that you can use if you're dealing with a high asset divorce and all of the struggles that come with it.
When you have considerable assets, you have a lot worth protecting, and you also have a lot to potentially lose in your impending Texas divorce. Typically, high-asset individuals who make their way through divorces want to do everything they can to help preserve their wealth, and there are numerous methods you can employ to help make this happen. One such method many high-asset individuals are choosing to help them get their fair shares amid divorce involves adding forensic accountants to their divorce teams.
When it comes to dividing marital property during a divorce, there are either community property or equitable property states. As a community property state, Texas courts divide marital property in a specific way. When you are preparing for your divorce, it can help to understand how community property law operates.