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TX divorce lawyerCouples with significant or diverse assets are often forced to grapple with legal issues that don’t apply in most divorce cases. This can make the divorce process not only more complicated, but also more acrimonious, especially when it comes to valuing the family home, so if you are thinking about filing for divorce and have substantial real estate holdings, you should consider contacting an experienced Round Rock high asset divorce attorney who can ensure that your property is appraised by a qualified expert.

Comparable Sales

For a marital estate to be fairly divided, the value of a couple’s property must be accurately assessed. When it comes to real estate, this usually means that the parties will need to hire an appraiser who can estimate value based on current market conditions and recent sales of comparable properties in the area. When dealing with especially valuable properties, the appraisal process also often includes consideration of additional features of the property in question, which could make it more valuable than other similar properties. Unfortunately, valuing the unique features of a property can be a subjective process. For example, one appraiser may include the value of a swimming pool or a four car garage, but fail to take note of marble countertops or custom kitchen appliances during the appraisal process. For this reason, most couples going through a high asset divorce are encouraged to obtain multiple appraisals to ensure that an accurate number is reached.

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Texas divorce lawyerAlthough filing for divorce is a stressful time, it is still important that those who have decided to dissolve their marriage take certain initial steps. For instance, the parties involved will still need to pay household expenses, care for children, and perhaps relocate. Failing to address these issues early on can add more tension to an already stressful situation, which is why Texas family courts are often asked to step in and issue temporary orders before any actual divorce proceedings take place. For help representing your own interests in a petition regarding temporary divorce orders, please contact one of our experienced Georgetown high asset divorce attorneys for advice.

The Importance of Temporary Orders

When a couple decides to get divorced, it is often in their best interest to request a hearing for temporary orders. As their name suggests, these types of orders aren’t necessarily the ones that will remain in place when a divorce is finalized. Instead, their purpose is to provide a quick resolution to important issues until divorce proceedings actually begin. In high asset divorce cases, these orders are especially important because they could have a significant bearing on a series of critical issues, including:

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Texas divorce lawyerMany couples who decide to get divorced have not even heard of the acceptance of benefits doctrine and so don’t know that it could play a significant role in their divorce proceedings. According to this doctrine, litigants are not permitted to accept the benefits of a property settlement and then later decide to challenge it. The only exception to this rule is when the litigant can provide proof that the ruling should be overturned due to special circumstances. This is a difficult task, so if you formerly accepted a property settlement, but later decided to challenge it, you should strongly consider contacting an experienced Round Rock high asset divorce attorney who can explain your legal options.

What Is the Acceptance of Benefits Doctrine?

Just last year, the Texas Supreme Court grappled with the acceptance of benefits doctrine in the case of Kramer v. Kastleman, which involved a couple who had signed a property settlement agreement prior to their divorce. The judge later orally approved the agreement and granted a divorce, although he didn’t issue a written decree until almost a year later. However, before the written decree was issued, the wife rescinded her earlier agreement to the settlement, arguing that her former husband coerced her signature and so committed fraud.

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Posted on in Child Custody

Texas divorce lawyerCouples with significant assets who decide to dissolve their marriage face a host of unique issues that don’t come up in standard divorces. For instance, couples with diverse assets must often obtain appraisals for antiques, jewelry, and business interests, in addition to retirement benefits, stocks and bonds, and bank accounts. While these issues are unique to high asset divorces, there are some aspects of divorce that remain the same regardless of the amount of the parties’ assets. This is especially true in cases that involve children, as those who are not able to come to an out-of-court agreement regarding custody, parenting time, and visitation will need to place their case before the court. In these cases, judges often look to the state’s standard summer visitation schedule when making custody decisions. For an explanation of these guidelines and how they could affect your own custody arrangements, please contact an experienced Leander high asset divorce attorney as soon as possible.

Managing Conservators

In Texas, courts have a large amount of discretion when it comes to making custody arrangements. However, there is a presumption that granting parents equal time with their child is in the parties’ best interests. For this reason, many divorcing parents are deemed to be joint managing conservators, which means that they share the rights and obligations to make decisions regarding the child’s education, health, and welfare. Even in these cases, it is common for one parent to be named the managing conservator, which means that he or she would have the responsibility of deciding where the child will primarily reside. When one parent is named the managing conservator, the other will be considered to be the possessory conservator, which means that they could have 50-50 possession, standard visitation, or expanded visitation.

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Texas divorce lawyerAlthough many couples who file for divorce anticipate conflicts regarding custody or possession of a home, financial problems still catch a significant number of people off guard. Going into divorce proceedings with an understanding of the financial impact that dissolving a marriage will have is crucial, so if you are considering filing for divorce, it is important to consult with an experienced high asset divorce attorney who can walk you through your next steps.

Protecting Your Credit

There are a number of steps that divorcing couples can take to help mitigate certain types of financial problems that they might otherwise face down the road. For instance, protecting one’s credit is an important measure that is often overlooked by divorcing couples. This includes canceling any joint credit cards held in a soon to be ex-spouse’s name, which helps ensure that one party’s credit does not remain tied to the other’s spending habits. This is also a good way to start building a good credit score under your own name.

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Texas divorce lawyerAlthough many couples who file for divorce anticipate conflicts regarding custody or possession of a home, financial problems still catch a significant number of people off guard. Going into divorce proceedings with an understanding of the financial impact that dissolving a marriage will have is crucial, so if you are considering filing for divorce, it is important to consult with an experienced high asset divorce attorney who can walk you through your next steps.

Protecting Your Credit

There are a number of steps that divorcing couples can take to help mitigate certain types of financial problems that they might otherwise face down the road. For instance, protecting one’s credit is an important measure that is often overlooked by divorcing couples. This includes canceling any joint credit cards held in a soon to be ex-spouse’s name, which helps ensure that one party’s credit does not remain tied to the other’s spending habits. This is also a good way to start building a good credit score under your own name.

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Texas divorce lawyerOwning a business with a spouse is a relatively common practice, and while many of these types of businesses are successful and lucrative, they can also raise a host of complicated issues in the event of a divorce. This is because couples who own companies together must grapple with dividing the business if they later decide to dissolve their marriage, which can be difficult if both parties wish to retain an active role in management or there is disagreement regarding the value of the company itself. For help addressing the fate of your own company after divorce, please contact a member of our high asset divorce legal team for advice.

The Importance of Business Appraisals

The first step in these types of cases is to determine the value of the business in question, as this will affect how and whether the company should be divided between the spouses. Like any other asset, there are professionals who specialize in appraising businesses. These individuals assist divorcing couples who own a business together by determining the fair market value of the company, which refers to the amount that a buyer would be willing to pay for a business from a seller who wants to sell but is under no necessity to do so.

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Texas divorce lawyerMany couples choose to avoid entering into prenuptial agreements because they think it represents a lack of faith in the couple’s future. This failure to create a premarital agreement can have serious consequences if the marriage later dissolves. Fortunately, even after a couple is married, the parties can still enter into an agreement, in which they decide how certain assets will be divided in the event of a divorce. This type of document is known as a postmarital agreement and is an important tool for couples who have diverse or significant assets. However, there are certain requirements that must be met for postmarital agreements to be considered valid, so if you are thinking about drafting your own postmarital agreement, it is critical to retain and consult with an experienced high asset divorce attorney.

The Benefits of Postmarital Agreements

Drafting a postmarital agreement gives the parties involved the opportunity to assess their separate and marital property, including unique assets like antiques and jewelry, as well as debt, expenses, and spending habits. These agreements, like premarital agreements, allow the parties to not only identify assets but also to convert those assets from marital property to separate property or vice versa. Couples are also permitted to address the following topics:

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