Take The Steps To Protect Your Assets In A Divorce
Couples who have high net worth and complex assets have a lot at stake in a divorce. If you and your partner are preparing for a high-asset divorce, you are likely concerned with the impact on your finances. You may stand to lose significant assets. Fortunately, effective legal representation can help you protect your financial future.
The Ruiz & Associates, PLLC, represents a wide range of clients in San Antonio during their divorces, including clients who have a high net worth. Our firm can help you secure the property and assets that you need.
Understanding Community Property In Texas
Texas is a community property state. This means that the assets you acquired during your marriage, regardless of separation, also belong to your partner. These assets could include real estate, pensions, retirement plans, businesses and trusts. The state can divide these assets between you and your spouse in the property division process. There are a few exceptions to this rule: Any assets that you inherited, received as a gift, owned before marriage or recovered from a personal injury are separate property and belong solely to you. But without a lawyer to help obtain a favorable divorce decree, your assets could take a major blow.
Spousal Maintenance Vs. Alimony
Spousal maintenance refers to the financial support paid to a spouse while a divorce is pending or even after the divorce is finalized.
Until recently, Texas was the only state without some form of post-divorce spousal support statute. The term commonly used to refer to post-divorce payments is “alimony” but the Family Code refers to those payments as “spousal maintenance.”
Discuss Your Divorce And Finances Today
If you are divorcing and have a high net worth, discuss your case with an attorney. Call or text our San Antonio, Texas, office at 210-899-4853 or email us. You can also reach us through social media like Facebook, Twitter, Instagram and Google Plus. Se Habla Español.