When Texas residents are going through a high-asset divorce, they may need to deal with child custody and support issues, as well as alimony, but perhaps no other issue can be as contentious in these types of cases as property division. Our readers who are either getting ready to get into a high-asset divorce, or who are already in the middle of one, will need to know how the property division process will impact the case.
For starters, Texas residents need to understand that it is not just assets that are up for division – it is debt as well. From the mortgage on homes and vacation cottages to car loans and credit card debt, married couples who are going through a divorce will need to either come to terms on how debt will be divided or the issue will be decided for them by a family law judge.
Assets, however, and how they are divided, will likely be the main point of contention. There may be tax implications to consider in addition to the fact that this one-time split of assets will likely impact the soon-to-be ex-spouses long after the divorce case is completed. Retirement accounts could be part of the property division process, as well as investment accounts and business interests. These may be assets that the spouses were counting on to make ends meet in later years. A high-asset divorce may change those plans.
With property division being such a paramount issue in any given divorce case, Texas residents will want to make sure that they get the right information about the options in their own unique cases. Fighting over property division may seem emotional or even petty to some people, but when it comes to the assets you have earned over the course of years or decades, sometimes it is best to fight for every inch.