Blog
512-610-6199
8911 N. Capital of Texas Highway
Building 2, Suite 2105, Austin, TX 78759

TX divorce lawyerDivorcing couples with unique, diverse, or especially valuable assets face a host of unique issues. For instance, many high asset divorces require couples to decide the fate of multiple properties, including not only the family home but also vacation homes and investment properties. This can be a complicated process, so if you are going through a divorce and have been unable to come to an agreement about who will retain ownership of one or more vacation properties, it is important to contact an experienced high asset divorce attorney who will aggressively represent your interests, whether during negotiations or in the courtroom.

How Are Assets Categorized During Divorce in Texas?

Texas is a community property state, which means that only assets that were acquired during a marriage must be divided in the event of divorce. When it comes to real estate, this is true regardless of whose name is on a title or deed. Unlike community assets, separate property is any property that was owned by either spouse before the marriage took place. The only exceptions to these rule apply in cases of inheritance, in which case, a person’s assets can be considered separate property even if they were acquired during the marriage.

...

TX divorce lawyerWhether an agreement is reached in an out-of-court setting through negotiation, or as the result of litigation and a court order, the terms of any finalized divorce decree must be followed. Unfortunately, it is not uncommon for one of the parties to refuse to comply with certain terms, especially in regards to property division. In these situations, courts can step in and enforce a property settlement following divorce, so if your former spouse is refusing to comply with a court order by failing to turn over certain assets, it is critical to retain an experienced high asset divorce attorney who can help you seek a request for relief from the court.

Enforcing a Temporary Property Division Order

During many divorces, the parties are required to address temporary property-related issues while the divorce is pending, such as: who will retain the family home, who will be responsible for paying certain bills and expenses, and who will cover debts, such as loans, credit cards, and lease payments. To address these matters, a court may issue a temporary order that has some or all of the following effects:

  • Restrains one spouse from damaging or selling certain property;
  • Requires an inventory and appraisal of all community and separate property;
  • Prohibits the parties from wasting marital assets; and
  • Assigns responsibility for certain household expenses and childcare costs.

These temporary orders play a critical role in helping spouses resolve certain issues during divorce, but also provide the grounds for an enforcement action if one spouse fails to comply with the terms. Temporary orders are as legally binding as final orders, so when one party fails to abide by their terms, the court can intervene by transferring liability, ordering eviction, foreclosure, or wage garnishment, or holding the non-compliant party in contempt.

...

TX high asset divorce lawyerIn Texas, assets acquired during a marriage are subject to equitable division upon divorce. Whether a couple is able to reach a divorce settlement on their own in an out-of-court setting, or a court orders property division after the parties’ litigate the issue, a divorce will only be officially granted when an arrangement has been reached. In most divorce cases, all property-related issues are resolved by the time the court issues a divorce decree. However, it is also not uncommon for one party to discover, after a divorce has already been finalized, that his or her former spouse was hiding assets in an effort to retain sole possession. Concealing assets during divorce is unlawful, so parties who determine that they were unfairly denied an equitable portion of a specific asset can ask the court to step in and distribute the previously undivided property. This can be a difficult endeavor, so if you recently discovered that your former spouse was hiding assets during your divorce proceedings, it is critical to contact an experienced high asset divorce attorney who can help you collect your rightful share of your marital property.

Dividing Assets

During divorce proceedings, courts require couples to provide evidence of all of their different assets, including titles, deeds, bank statements, and receipts for collectibles like artwork or antiques. Providing this documentation helps give courts a good idea of each party’s financial holdings, which in turn, enables them to fairly and justly divide those assets between the parties. Obviously, a fair distribution of marital assets isn’t possible if one of the parties, or the court, is unaware that certain property exists. For this reason, when a party later learns that a former spouse was concealing assets, courts allow them to file a new lawsuit requesting distribution of the remaining undivided property.

...

TX high asset divorce lawyerIn Texas, most assets acquired by a person before he or she entered into a marriage will remain in that individual’s sole possession in the event of divorce. In fact, even some assets obtained during a marriage can qualify as separate property, including gifts, inheritances, and personal injury awards. There are, however, certain situations where assets that were clearly acquired prior to marriage are actually considered by the courts to be marital property, and so, are also divisible upon divorce.

In most cases, this occurs when there is evidence of commingling, which is a term used to describe the mixing of separate assets with marital property. When this occurs, the original owner will most likely have to share the asset with his or her soon to be ex-spouse. This can be a significant financial burden, so if you are concerned about the fate of some of your own property, you should strongly consider contacting a high asset divorce lawyer who can advise you.

Did I Commingle My Assets?

...

TX divorce lawyerAlthough Bitcoin is a relatively new type of currency, it is already playing an important role in the finances of many couples. Bitcoin, which is often referred to as cryptocurrency because it has no physical form, is not controlled by any government agency but is maintained in virtual accounts. Despite these major differences between virtual and standard currency, Bitcoin can be distributed during the property division process as if it were any other asset. For help ensuring that your own virtual assets are fairly and properly divided upon divorce, please contact our high asset divorce legal team today.

What Is Bitcoin?

Bitcoin is essentially a line of computer code that holds monetary value and is otherwise known as digital currency. While bitcoin can be stored offline on the owner’s computer hardware and so can be kept relatively safe, this digitization also means that it is easier for a spouse to transfer or hide them without the other spouse’s knowledge. The best way to ensure that your spouse is not hiding assets in this way is to take note of any conversions of real marital assets, like the contents of a bank account, into digital Bitcoin, which should leave a paper trail. Although it can be difficult to establish ownership of these types of assets, this is one of the most effective methods of ensuring that marital property that has been converted into digital currency will be divided appropriately.

...

The Law Offices of William D. Powers

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