While planning a wedding can be a large production, ending a marriage can sometimes be an even bigger event. Although it is not a happy and momentous event, it is one that requires both spouses to make serious and life altering decisions. Those going through a high asset divorce in Texas have added concerns regarding their personal wealth, especially if it comes from a family business they seek to protect from the divorce process.
How can you protect your finances in a divorce? Having significant investments, stocks, bonds, real estate and business ventures can make getting divorced an even more complex and emotional matter. For divorcing spouses in Texas and other community property states, these assets will require a 50-50 split. For those seeking to protect these assets from such a division or any division at all, it is important to understand what steps could be taken.
To begin, only assets that are considered to be marital are up for division. Thus, if something was attained before marriage, was kept separate or was an inheritance would likely be labeled as separate property and not up for division. Additionally, if a prenuptial or postnuptial agreement was involved in the marriage, this can detail how these assets will be divided, evening providing protection to certain assets, preventing division.
A wealthy divorce can complicate an already difficult matter. Whether it is a spouse’s goal to maintain the family home, secure alimony payments, receive half of all the assets, including business assets or enforce a premarital agreement, it is important to understand the rights of an individual going through the dissolution process.