Every high asset Texas divorce, from Plano to McKinney, involves complex asset division and various other legalities unique to these divorce cases of the rich, famous and not so famous. These divorces are set apart by the massive quantity of assets involved and who is entitled to them. The parties involved in such divorces often own multiple properties and have numerous stakes in real estate and other kinds of businesses.
The term “high asset divorce” may automatically invoke visions of big cigar-smoking business tycoons or some well-known, rich celebrities clothed in jewels. In a recent case of a high asset divorce, the unassuming disc jockey, David Guetta, maybe paying his ex-wife half of their marital worth, which is placed at close to $30 million.
Guetta and his ex-wife have two children and media reports are unclear about who will retain primary custody of the children. The couple is keeping the details of their affairs so well guarded that much of the information regarding their separation has not been disclosed publicly to news sources.
Guetta’s legal team has been vigorously squashing reports regarding the divorce and has recently issued a strongly worded official statement to exhort the news media to stop speculating about the details. Also, Guetta’s legal team threatened a foreign publication with a lawsuit for reportedly leaking information about the ongoing divorce proceedings.
Texas is a community property state, which means that assets acquired during the marriage are treated as marital property and will be split evenly between the spouses in the event of a divorce. Although the most property is treated as marital property, some assets may be considered separate property. These assets include property that was owned prior to the marriage or property that was inherited by only own spouse.
Even in community property states, a judge may divide the property equitably. It may be wise to consult with an attorney before entering into divorce proceedings to allow each spouse to better understand the specifics of asset division.