Texas is one of just a handful of states that follows that “community property” doctrine. Under Texas Family Code § 3.003, all property obtained by either spouse during the marriage is presumed to be community property, meaning both spouses have an equal ownership interest. And while disagreements related to how a couple’s assets are divided are common in all Texas divorces, this is especially the case in high-net-worth divorces.
WHAT IS A HIGH-NET-WORTH DIVORCE?
While there is no official definition of what constitutes a high-net-worth divorce in Texas, the consensus among Texas divorce attorneys is that any divorce involving liquid assets of $1 million or more is considered a high-net-worth divorce.
WHAT ISSUES COMMONLY ARISE IN HIGH-NET-WORTH DIVORCES?
High-net-worth divorces can involve all the typical aspects of a divorce, including child custody, child support, division of assets, and spousal support. However, due to the value and complexity of the assets, high-net-worth divorces tend to raise other issues, especially as they relate to property division. For example, a high-net-worth divorce may require the court to determine how the following classes of assets should be distributed:
- 401(k)s, IRAs and other retirement accounts;
- Stocks, bonds, cryptocurrency and other investment holdings;
- Real estate and property holdings;
- Shared ownership in a business;
- Pensions and benefits; and
- Artwork and other collections.