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Unique Property Division Issues in a High Net Worth Divorce
During a divorce, a couple will need to decide how to divide their property. This can be complicated and emotionally-difficult process, regardless of the circumstances of the case. However, property division can be especially complex in high net worth divorces, because higher amounts of money and more valuable assets will be involved. While the basic principles of property division remain the same, there are some unique issues that must be considered when it comes to a high net worth divorce.
Characterization of Assets
The first step in dividing property is determining how each asset should be characterized. In most cases, assets will either be defined as either community or separate property. Community property typically includes any assets acquired during the marriage, while separate property includes assets acquired by either spouse prior to the marriage or through an inheritance or gift.
What Expenses Are Covered by Child Support in Texas?
For married parents going through a divorce in the state of Texas, as well as unmarried parents who expect to share custody of one or more children, child support will be an important aspect of the proceedings. Most of the time, one parent will be responsible for paying monthly child support to the other parent to help cover the costs associated with raising the couple's children. However, parents may be unsure about what expenses are actually covered by child support. By understanding how Texas' laws affect these cases, parents can make sure their children will have the necessary financial resources.
Expenses Included in Child Support
Under the Texas Family Code, child support is determined by taking a percentage of the paying parent's "net resources," which consist of all sources of income they receive minus certain types of taxes and mandatory expenses such as union dues. When children live primarily with one parent, the other parent will be responsible for paying child support. These support payments may address child-related expenses such as:
Can I Receive Spousal Support Following My Texas Divorce?
If you are currently going through a divorce in Texas, you may be wondering if you are entitled to receive spousal support. While the answer is not always easy to determine, there are some general rules and guidelines that can help guide your understanding of how spousal support works in the Lone Star State.
What Is Spousal Support?
Spousal support—sometimes referred to as "alimony"—is an economic contribution from one spouse to the other following a divorce. Generally speaking, it is designed to provide financial stability to a spouse who may have been financially dependent on their partner during the marriage. Depending on the circumstances of each case, spousal support may be ordered by a court or agreed upon by both parties during mediation or the negotiation of a divorce settlement.
Depositions in a Divorce Proceeding
While the vast majority of divorce cases are resolved between the spouses before going to trial, for some, litigation is unavoidable. In other cases, the parties begin preparing for litigation while continuing to negotiate and are able to reach an agreement before the matter is brought before a judge. As your case gets underway, your attorney may request discovery from your spouse and your spouse’s attorney may request discovery from you. Discovery—or the gathering of all information pertinent to the case at hand—may include depositions, and if you have been asked to give a deposition, there are several things you should know.
What Is a Deposition?
You may have heard the word “deposition” on television procedural dramas, but, until they are required to give one, many people are not fully clear on what the term means. A deposition is testimony given under oath in advance of a courtroom hearing or trial, the transcript or video of which may be used later in court. In a divorce-related deposition, the testimony typically takes the form of a series of questions asked by one party’s attorney to be answered by the other party. For example, if you are being deposed, your spouse’s attorney will usually be asking relevant questions.
Why You Need a Lawyer for Your Texas Divorce
Whether or not to hire an attorney to help you end your marriage is always a complicated question. While many young couples without children or significant debt or assets can successfully file for divorce on their own, the majority of divorcing individuals would be taking a major risk by not hiring an attorney. Although many people are concerned that hiring an attorney will be too expensive, employing the help of an attorney actually increases the chances you will save money on child support, spousal maintenance, and other costs. Hiring an attorney to represent you during your divorce can benefit you in many ways.
Save Time and Frustration
The American legal system is one of the best in the world, but it can be tedious to navigate. Divorces, especially complicated or high net-worth cases, can require seemingly endless amounts of paperwork, signatures, meetings, and legwork. Because divorce is often a deeply emotional process, some people find that they are simply unable to handle the added stress of managing the legal aspects of their divorce alone. An experienced family law attorney can help streamline the divorce process, saving you valuable time and resources.
If I Am a Grandparent, Can I Get Visitation Rights?
Grandparents frequently play a major role in their grandchildren’s lives. This can be especially true when one or both of a child’s parents struggle to maintain a positive parental presence due to criminal behavior, drug abuse, neglect or abuse, or even death. In difficult situations like this, a grandparent’s presence and influence can be an invaluable support system for a child who needs guidance and love.
If this sounds familiar to you, you may be relieved to learn that, in certain situations, grandparents in Texas can petition a court to get visitation rights for their child. If a court awards a grandparent visitation rights, that visitation is enforceable just as it would be for a parent. To learn more, read on and then contact a Galveston grandparents’ rights attorney.
When Can a Grandparent Get Visitation of a Grandchild in Texas?
Can I Move Out of State with My Child After Divorce?
Texas family law courts start child custody cases with the assumption that it is in the child’s best interests for both parents to share legal custody or to have “joint managing conservatorship.” Having legal custody of your child, however, does not mean that you have the authority to do whatever you want with your child when he or she is in your possession. Parents must agree to abide by a parenting plan that is enforceable by law and violating the terms of this plan can have serious legal consequences.
One of the most serious violations of a joint parenting plan is when a parent relocates out of state and takes a child with them without permission. Parenting plans will generally address whether one parent has the exclusive right to designate a child’s residence or whether a parent can move within a certain area without needing to request permission from the other parent or a Texas family law court; however, rarely is an out-of-state move is permitted without prior approval. If you want to move out of state with your child, or if your child’s other parent has the intention of moving out of state and you object, get help from a Texas family law attorney right away.
What Should We Include in Our Texas Parenting Plan?
Texas law and culture encourage parents who are getting divorced to continue co-parenting as peaceably as possible. This means working as a team to raise minor children, despite the divorce and any personal differences between the parents. While this may not be easy, a firm commitment to co-parenting yields better-adjusted kids and less stressed parents, making the payoff substantial for everyone. Here are some things to include in your Texas parenting plan, or possession order, as you start the co-parenting journey together.
Texas Parenting Plan Requirements
Certain things are nice to have in your parenting plan, but other things are essential. Things that you must have in your parenting plan include:
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Whether one or both parents will be managing conservators or possessory conservators. Managing conservators have the authority to make important decisions regarding healthcare, education, etc. for the children; possessory conservators have the authority to spend visitation time with the children
How Will Our Property and Debts Be Divided in a Texas Divorce?
Although many states are moving away from community property laws in favor of more fair equitable division laws, Texas is one of the nine states that is still strictly a community property state. In Texas, community property is subject to a “just and right division.” Generally, this requires marital assets and debts to be divided down the middle, rather than allowing each spouse the flexibility to take their fair share.
The process of dividing assets and debts in divorce is crucial for determining your future financial health. While Texas law usually requires a 50/50 property split, determining what that looks like can be subject to some interpretation and negotiation. To learn more about the asset division process in a Texas divorce, read on and then contact an experienced Texas divorce attorney.
Does Any of Our Property Belong Exclusively to Me?
When Can I Request a Child Custody Order Modification in Texas?
When parents of minor children in Texas create a child custody order or parenting plan, they agree to abide by the terms of the parenting plan under threat of court sanctions. This helps keep the children’s lives predictable and ensures parents do not experience unnecessary conflict over ever-changing schedules. But when a parent moves, gets a new job, or otherwise has a significant change in circumstances, an existing custody order may no longer be workable. Although Texas courts are wary of changing child custody orders frequently, especially if it appears a parent may be requesting a change to harass the other parent, there are certainly times when such a change is justifiable.
Do We Need to Go to Court to Change Our Custody Order?
If the changes to your custody arrangement are minor and you get along well with your child’s other parent, you may be able to agree to make adjustments without going to court. However, any agreement you come to is not enforceable and, if your child’s other parent is manipulative or abusive, an agreement outside of court may expose you to the risk of conflict. If you and the other parent cannot agree, you must both follow the existing order until it is successfully modified.
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