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TX divorce lawyerDuring a divorce, spouses are required to disclose detailed information about their income, assets, and debts. This ensures that both parties are able to make informed decisions during the property division process and that any settlement or court order incorporates accurate information about all known financial factors. While many divorcing spouses are careful to provide accurate and detailed financial records to each other, it is also not uncommon for one spouse to attempt to lie about assets or debts in an effort to retain the entire interest in an asset or to force a spouse to pay more than his or her fair share of a debt. This type of conduct is strictly prohibited under state law, so if you believe that your spouse is attempting to hide assets or liabilities, it is important to contact an experienced high asset divorce attorney who can ensure that your interests are protected.

Improper Disclosures

Disclosing all of one’s assets, interests, and liabilities is a complicated process, so there are actually a number of ways that a spouse can avoid telling the truth about his or her financial situation. In many cases, this involves failing to list certain assets on necessary disclosure forms or assigning improper values to property or debts. Alternatively, a party could fail to come clean about when and how he or she acquired an asset or could hide documentation that would reveal the truth about property values or ownership. In other cases, one spouse misrepresents how much the other contributes to the household, lies about how joint funds are used, or even unfairly accuses the other of stealing funds. In either case, this kind of behavior is unlawful in Texas, so spouses that are discovered violating disclosure rules could be held in contempt of court, or lose their interest in certain property.

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TX divorce lawyerHigh asset divorces are not only complicated because the property that must be divided is valuable, but also because the assets are often difficult to value or to distribute. For instance, it is not uncommon for Texas couples to invest in local operations that are involved in the production of oil, gas, and minerals. While these investments can be extremely valuable, they are also hard to distribute in the event that a couple decides to divorce. If you or your spouse own an interest in an oil, gas, or mineral business and are thinking about dissolving your marriage, you may be facing unique issues when it comes to dividing your assets. Please contact an experienced Cedar Park high asset divorce attorney to learn more about your legal options.

Dividing Assets Equitably

Texas is a community property state, which means that all of a couple’s marital assets must be divided equitably upon divorce. While this usually involves dividing bank account funds, the family home, and retirement funds, it applies equally to unique assets, such as oil, gas, and mineral interests. These types of interests are considered real property and as such, are governed by the same property division principles as any other type of real estate. For this reason, a party can only retain sole ownership of this type of interest, if he or she can prove that the asset qualifies as separate property, which means that he or she:

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