In every Texas divorce, the parties must divide their assets. It’s never an easy or particularly pleasant task, and every case is different, but as a general rule the more complex the assets, the more complex the division process. For this reason, high asset divorce is often more difficult and time-consuming than divorce for lower-income people.
Recently, it was reported that one of the wealthiest women in the world had filed for divorce after just less than six years of marriage. Paige Laurie Dubbert is an heiress within the extremely wealthy Walton family that controls Walmart, the world’s largest retailer. According to reports, her husband is also subject of a civil lawsuit claiming that he fraudulently took money from a business the couple owned together.
Business ownership and family businesses can be difficult to divide in a divorce.
Texas is one of nine states with a community property law that applies to asset division during a divorce. Under community property laws, almost all assets acquired by the parties during the marriage become community property. Each spouse is presumed to have a claim to a 50 percent share of each asset within the community property.
When a couple purchased a business together during the marriage, the business assets will likely be considered as community property. However, even if one party owned the property before the marriage, it is possible that the other spouse will have a claim to some value of the company, or at least of the value the company accrued during the years of the marriage.
Texas attorneys with experience in high net worth, high asset divorce can help their clients through the difficult process of asset division. An attorney who has skills in this area can help clients to avoid the potential pitfalls of the process and fight for what they deserve.
Source: The Kansas City Star, “Wal-Mart heiress Paige Laurie Dubbert’s new arena: divorce court,” Lisa Gutierrez, April 22, 2014