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Texas divorce lawyerMany couples who enter into a marriage with significant assets of their own choosing to create a premarital agreement, which ensures that property acquired prior to the marriage will not be divided upon divorce. However, prenuptial agreements are only enforceable in court if they are created in accordance with specific standards, so if you or your future spouse have significant assets, it is critical to speak with an experienced high asset divorce attorney who can ensure that your agreement is valid and will not later be thrown out by the court.

Defenses to Enforcement

There are only a few ways that a person can defeat a premarital agreement, including by proving that:

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Texas divorce lawyerAlthough most people associate divorce with child custody issues, alimony, or deciding who will keep the marital home, many couples who jointly own a family business must also divide the company itself. This requires an in-depth valuation of the business, as well as a determination of whether the company is actually jointly owned. Furthermore, once a couple’s business interests have been appraised and the parties have agreed to a settlement, the business’s actual division will need to take place, which can be difficult, especially for couples with an acrimonious relationship. For help determining the value of your own business and coming to a settlement agreement with your spouse, please contact one of our experienced high asset divorce attorneys today.

Initial Considerations

Before deciding on how to divide a business during divorce proceedings, the couple in question must consider a variety of factors, including:

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Posted on in Complex Divorce

Texas divorce lawyerCouples with significant or diverse assets are often required to deal with unique hurdles when going through a divorce. For this reason, many high asset couples are strongly urged to work closely not only with an experienced high asset divorce attorney, but also with a skilled financial team that can help assess the value of the couple’s property. To learn more about what kind of financial advice you may require during a high asset divorce, please call our legal team today.

Types of Financial Experts

Financial teams that assist couples who are going through a divorce often include some or all of the following individuals:

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Posted on in High Asset Divorce

Texas divoece lawyerMany couples who go through a divorce disagree on what constitutes a fair division of assets. These disagreements can become especially contentious when a couple has a significant amount of assets, or unusual non-traditional property. In these cases, the parties must be able to provide proof of the value of the assets in question to ensure that both individuals receive a fair portion. Unfortunately, this can be a difficult process for certain types of valuable assets, such as fine art, antiques, sports memorabilia, and collectibles, so retaining a high asset divorce attorney who has the resources and experience necessary to grapple with these kinds of issues is critical to the prompt and fair division of property during a divorce.

How Do I Place a Value on Unusual Assets?

Valuation is a key part of the property division process for high asset couples because the amount that each party will receive varies depending on the value of each of their assets. Unfortunately, estimating value for unusual items, such as artwork, can be difficult, as the couple may not even know its actual worth. For this reason, most high asset couples will need to work with an expert appraiser who can inspect the object and then determine how much it would go for at auction.

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Texas family lawyerCouples who are going through a high asset divorce often experience certain difficulties that are not faced by other couples. For instance, because the parties in these situations have a wide range of assets to divide, the dissolution process can become much more difficult, especially if the couple disagrees about who should retain what property. Dividing retirement funds can be particularly complicated, so if you and your spouse are going through a divorce and you have questions or concerns about dividing the contents of a retirement fund or pension, it is critical to speak with an experienced high asset divorce attorney who can ensure that you receive an equitable portion of your family’s assets.

The Importance of Accurate Record-Keeping

Unlike other types of accounts, retirement funds are not always checked on a regular basis. For this reason, many people forget how much has been contributed to their account at any given time. While this may not cause any serious difficulties in a person’s day to day life, it can become a problem during a divorce when having accurate and extensive records of account contributions can be instrumental in determining who will receive what portion of an account’s funds. This is because how a court divides a couple’s property depends on when the assets were accumulated. For instance, property owned prior to marriage will remain in the sole possession of the party who purchased or received it. Assets accumulated during the marriage, including the contents of a retirement account, on the other hand, will be divided equitably between the couple.

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Posted on in Child Custody

Texas custody attorneyAlthough most people have heard of Child Protective Services (CPS), not everyone is aware of their function. CPS is a part of the Texas Department of Family and Protective Services, which is a state agency put in place to ensure that children in Texas are kept safe from neglect and abuse. When someone reports a parent or guardian to CPS, the agency is required by law to investigate the allegations. Unfortunately, many parents are falsely accused of neglecting their children, which can have a traumatizing effect on minors who are then forced to leave their home. If your child has been removed from your home by CPS, you should contact an experienced complex child custody lawyer who can explain your next steps.

Investigations and Court Hearings

When a person has been reported by CPS, they will be assigned a caseworker who will explain the allegations made against them and create a service plan. Eventually, the child’s parents will be required to attend a series of hearings at a Child Protection Court, where they will have the opportunity to refute the allegations made against them. In some cases, the judge will order that a case be sent to mediation or a family group conference instead of resolving the issues at trial. In either case, within two weeks of the date of the child’s removal, the court will hold an adversary hearing, after which the judge will return the child to their parents or place them with a family member.

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Texas divorce lawyerAlthough going through a divorce usually tends to be an emotional and complex process regardless of a couple’s finances, those with significant assets are faced with unique problems. For instance, many high assets couples have multiple sources of income, including investments, stocks and bonds, and stakes in businesses, as well as a wide variety of valuable assets ranging from paintings and antiques to automobiles and real estate. In these situations, recording and inventorying all of a couple’s assets can be difficult, especially if one of the spouses is attempting to hide assets. In high asset divorces, it is much easier for a spouse to get away with this type of conduct, so if you are considering divorce and are concerned that your spouse has begun to hide assets, please contact a Round Rock high asset divorce attorney who can assess your financial situation and ensure that your interests are protected.

Distributing Assets

Texas is a community property state, which means that assets acquired by a couple during their marriage must be divided equitably upon divorce. There are a few exceptions to this rule, which apply in cases where one party received an inheritance or gift during the marriage. However, even in these situations, the parties could be required to divide the assets if they were later commingled with marital property owned by both parties. Furthermore, each party is permitted to retain sole ownership over all assets obtained prior to the marriage.

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Posted on in Child Custody

Texas custody attorneyIn Texas, non-custodial parents have the right to interact with their child at certain times. Although there are several types of visitation orders in Texas, one of the most common is the Standard Possession Order (SPO), which is usually utilized when parents cannot agree on a visitation schedule. Although the SPO was specifically designed to be fair and workable to both parents, this type of schedule is not always in a child’s best interests, so if you are going through a divorce and are unable to reach an out-of-court agreement with your spouse regarding custody and visitation, you should consider speaking with an experienced complex child custody lawyer who can help you find a solution that is best for your family.

SPO Schedules

When couples are unable to come to a custody arrangement, the court steps in and creates an agreement that is in the child’s best interests. In many cases, this takes the form of the Standard Possession Order, which generally provides that the possessory, or non-custodial parent has the right to visitation with their child starting at 6:00 p.m. on the first, third, and fifth Friday of each month. This period of visitation ends at 6:00 p.m. the following Sunday. Additionally, the non-custodial parent is granted visitation with the child every Thursday evening for two hours.

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The Law Offices of William D. Powers

8911 N. Capital of Texas Highway, Building 2, Suite 2105, Austin, TX 78759