People from all over the world and from every economic strata use Facebook to keep in touch with friends and family in a way that would not have been possible or imagined before the internet was created. Most of the time, this is a good thing. When it comes to a high asset divorce, however, Facebook can cost a Texas resident in court. Nothing on this social media site or others that are similar is truly private and is not necessarily ever truly deleted.
Getting married is an exciting time for everyone. When you decide to make your new spouse's child part of your family by becoming a step parent, it is even more rewarding.
Texas is a community property state. This means that a married couple jointly owns all of the assets acquired or accrued during the marriage. In a high asset divorce, one of those assets is often a retirement account. Protecting those funds is often a priority.
Many Texas residents who are married also own their own companies. They pour their blood, sweat and tears into making the business a success and everyone in the family benefits from it as long as the marriage is good. If a divorce occurs, the fate of the business is uncertain. Your spouse might be entitled to a portion of the company, but how much is he or she entitled to?. A formal business valuation is typically a crucial part of the process.
Like many Texas residents whose marriages end, you might be concerned with how you will make ends meet on your own. This makes property division one of the most potentially contentious aspects of any high asset divorce. Having a basic understanding of what the law says about dividing your property could help put your mind at ease.