All divorces in Texas are not equal when it comes to dividing marital property. Certain factors such as the community property law can make a Texas divorce much different from a divorce in some other states. High-asset divorces can be particularly difficult because spouses have often hidden assets or are not in agreement on the value of some assets such as a family business.
Assessing property classification
The fact that Texas is a community property state does not mean that all property is exposed to distribution. Prenuptial agreements may be in place in some cases, and spouses can still have significant personal property. Not only should the property be classified as personal or marital, but there should also be an accurate inventory of total assets. Personal property is first set aside before deliberations can begin regarding how much marital property a couple will divide.
Marital property valuation
Property valuation is often strongly contested in a Texas high-asset divorce, and this especially applies when a cash settlement is being negotiated. Many divorcing spouses will actually retain a valuation expert to evaluate all holdings and appraise them as a neutral third party through the mediation process.
Child support is another issue that can be handled differently when a wealthy couple divorces. While the state sets guidelines for minimum child support, there are few guidelines for maximum responsibilities. Just as an alimony payment in other states allows for maintaining a high standard of living after the divorce, the same applies to children of divorcing wealthy couples in Texas.
All divorce cases will be unique in some aspect. These are just a few of the main issues that many divorcing couples face in Texas. It is important for all involved parties to address each financial aspect of the divorce through mediation when couples cannot agree on accurate valuation and child support responsibilities.