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When getting married, the last thought on your mind is that you and your spouse will eventually end up divorcing. However, this is the case for many couples that marry, which is why it is important to plan for any possibility. Entering divorce proceedings in a high-asset divorce could cause a number of complications between you and your former spouse. If you need legal assistance to handle a divorce where several assets are at stake, you should consult with an experienced Fort Worth high asset divorce lawyer as soon as possible.
The committed family law attorneys at The Queenan Law Firm, P.C., are prepared to help you through this difficult time. Our firm knows that a divorce is a difficult experience for a family, especially when children are caught in the divorce and do not understand why the parents are separating. To schedule a confidential case evaluation to discuss your divorce case, contact The Queenan Law Firm, P.C., at (817) 476-1797. You may also contact the firm online.
How Fault Can Affect a High Asset Divorce in Fort Worth, TX
If you are going through a divorce in Texas, you should be aware of all the circumstances that can affect the distribution of your assets. The grounds for your divorce are a significant factor that can affect how property is distributed.
Texas acknowledges no-fault and fault-based divorces. No-fault divorces allow a couple to divorce without pointing to a specific factor that caused the divorce. Alternatively, fault-based divorce identifies one or more factors that caused spouses to separate. For example, if one spouse committed adultery, this can be used as the basis for a divorce.
If your divorce was initiated due to adultery or on other fault-based grounds, the court might use this information when distributing assets to each spouse. This could be especially troublesome if you signed a prenuptial agreement that includes infidelity provisions. Our firm can help you determine whether a fault-based divorce will affect your divorce case.
To learn more about other issues that can affect a high-asset divorce, you should continue reading and speak with an experienced Fort Worth divorce attorney today.
Common Issues Our High Asset Divorce Lawyers Can Handle in Fort Worth, TX
Texas is known as a community property state. This means that all assets amassed during the life of the marriage are considered the property of each spouse. However, property that was owned prior to the marriage will not be considered community property. This is why many couples opt to file a prenuptial agreement to ensure that there will be no surprises when distributing assets in the event of a divorce.
Despite the ability to use a prenuptial agreement or even a postnuptial agreement, there are still many issues that may concern a spouse during a high-asset divorce. The following are some issues that our firm can help you address in a high-asset divorce.
Dissolution of a Family Operated Business
Many couples choose to open a company together during their marriage. While it may be a difficult conversation, it would be wise to draft and execute an agreement that addresses what happens with the business when one spouse wants to leave the company or a divorce occurs.
Unfortunately, if a couple fails to outline how the dissolution of a business must occur, this can cause a number of legal issues when the spouses divorce. For example, one spouse may feel that they are owed a larger share of the company’s assets due to their contributions. Our firm can guide you through the dissolution of a family-owned business.
Hiding Assets Accrued During the Marriage
In some cases, one or both spouses may engage in the hiding of assets in preparation for divorce or simply to use it for their own purposes. This is a serious issue as it can skew the distribution of assets if one spouse is hoarding assets in secret or offshore accounts. As a result, one spouse can escape from the marriage with thousands or millions of dollars in assets that should have been divided between the spouses.
Child Custody Issues
Child custody is another contentious issue in high-asset divorces. This is often a serious issue because the spouse that gains sole custody of a child will likely be awarded child support, spousal support, and other assets that may be needed to care for the child. As a result, each parent may push for sole custody of the children, or one parent may be in favor of joint custody so that the distribution of marital assets may also be affected._
There are many other issues that may arise during a high-asset divorce that are not discussed above. Our firm understands that it can be stressful to be forced to spend weeks or even months going through negotiations for a high-asset divorce, and we are prepared to address your concerns.
Consult with Our Experienced Fort Worth High Asset Divorce Attorney Today
If you need legal representation to manage your high-asset divorce, you should contact our experienced Fort Worth high asset divorce attorney today. Our skilled legal team has several years of experience managing high-asset divorce cases for a variety of clients, and we are here to offer you legal services that are tailored to your needs. To schedule a legal consultation to discuss your potential divorce, you should contact The Queenan Law Firm, P.C., at (817) 476-1797. You may also schedule your case evaluation online.