It is not uncommon for Texas businesspeople to accrue significant wealth. The state is known for its entrepreneurship, innovation and hard-charging business style in myriad industries. For those who have accumulated vast assets, having family challenges can cause consternation and fear. Divorce can be costly in many ways and people who are in the process of getting a high-asset divorce or are considering one should be cognizant of the unique factors that arise in a case. Having legal representation that understands the complex nature of a divorce with major financial ramifications is critical to achieving a reasonable outcome.
Wealthy Texas couple’s divorce grows contentious
A co-founder of a prominent technology company and his wife of more than 25 years are moving forward with a divorce. They are accusing each other of various transgressions including abuse and infidelity. She claims he sexually assaulted her and was unfaithful while overseas. He accuses her of making recordings of him and using a private investigator to keep tabs on him. The man, 56, was once one of the nation’s wealthiest men and was named in Forbes magazine eight years ago. His fortune declined somewhat since then.
At the center of the case is how property division will be handled. His assets are in dispute as to whether much of his wealth will be classified as community property or separate property. He is believed to be set to argue that his assets were put into a trust under his control. As for the allegations of abuse and unfaithfulness, he says they are untrue and she is retaliating against him for asking for a divorce in 2019. He accrued some of his wealth from his family which made its money in food and fashion. After graduating college in the mid-1980s, he invested in real estate and started a cloud-computing company that became prominent in the industry. There is no prenuptial agreement.
Experienced legal advice can help with a high-asset divorce
Any divorce can be difficult, but when there are major assets at stake and the parties are unable to negotiate and agree on anything, it can be a time-consuming and costly endeavor. With real estate, business assets, stocks, retirement accounts and more, people can engage in a fraught dispute over the case. Separate and community property disagreements frequently come to the forefront. If there are troubling accusations, it becomes even more complex. When involved in a high-asset divorce, having legal protection is essential and experienced professionals who understand these cases may be able to help.
