Texas has a well-earned reputation for being business friendly and many of its residents have achieved significant wealth because of it. Being financially secure and creating a well-known product or business entity is undoubtedly positive. Still, there are inevitable challenges if a marriage becomes strained and a couple decides to divorce. While any divorce is worrisome, a high-asset divorce can be worse as there is more at stake and a dispute is likely. Legal help can be crucial in these cases.
Wealthy Texas developer and wife set to divorce
A Texas developer and co-founder of a technology company is planning to divorce his wife. The couple has been married for 26 years. They are making troubling accusations against one another as the case proceeds. Both have filed to end the marriage. According to her, the man was abusive and unfaithful. He says that she spied on him and recorded him without his knowledge.
The man was previously listed as a billionaire before the value of his holdings reduced. He remains a prominent real estate developer in the state and has been involved in a free and fast COVID-19 testing service. As with most high-asset divorce cases, property is at the center of this dispute. Many wealthy individuals will take certain steps to protect their assets in case they divorce and this man has a trust he is in control of. This is calling into question whether the property is community property and would need to be equitably distributed in the divorce settlement.
Couples with vast portfolios should have legal advice in a divorce
Any divorce is difficult, but when there are massive assets at stake and the sides are lodging accusations against one another while battling over who will receive what as part of the settlement, it can be especially acrimonious and complicated. For people who own a lucrative business with complex holdings amid a disagreement over whether the property is marital or separate, it is the foundation for an extended and costly case. Anyone in this situation should be cognizant of how to protect themselves. When thinking about a high-asset divorce, it is important to consider the value of experienced legal assistance from the start.