Very few Texas residents who have gone through a divorce would describe the process as easy, but there are some parts of the process that are harder than others, and some that are harder for some divorcing couples than they are for others.
All divorcing couples in Texas must divide their property according to the state’s community property laws. Generally speaking, community property gives each party a claim to 50 percent of the value of every asset acquired during the marriage. In theory, this is relatively straightforward. In practice, it is often quite difficult.
Property division can be especially difficult in high asset divorce. This is not just because there are more assets to divide, but also because the assets involved can be difficult to value. For example, if one spouse has stock options that are not yet mature, the divorcing couple must reach an agreement on how to value those options in order to divide them. If both parties own a business, the value of the business must be determined before it can be divided.
It’s always a good idea for those preparing for divorce to, early in the process, begin listing all their personal and marital property. This gives the parties a head start on the painstaking process of valuing all the assets. It also helps make sure the other side doesn’t get away with trying to unlawfully conceal any assets.
There are many potential pitfalls and things to consider when going through a divorce, perhaps especially when it’s a high asset divorce. Texas attorneys with experience in these matters can help people know what to watch out for.