Divorce proceedings in Texas are often complicated by financial concerns. This complexity is amplified in situations where either an individual party or the couple holds high value in pensions, real estate, property interests or other diverse financial products. One notable example is of such was the divorce of Expos owner Jim Crane.
The recent history-making World Series win by the Astros turned the congratulatory attention of Texas towards the franchise owner and his triumphant team. A couple of years ago, Mr. Crane was receiving some attention in regard to another matter: his high-asset divorce. Sports Business Daily ran an excellent summary of the high-profile couple’s breakup, describing the terms of the settlement and the immediate results. Mr. Crane’s spouse did not take any interest in Astros ownership: a holding that could be considered a business asset under state law and therefore might be subject to division.
Divorce is conducted by the same rules regardless of the amount of money involved. However, some laws become more important as the value and variety of assets or debts involved increases. The Texas Family Code lists several items relevant to high asset divorce, including the following:
- The court is able to order a list and accounts that detail debts and assets
- One spouse might gain sole control over a joint business
- The court might require a trial if settlements are unjust
- The court could void a debt incurred to injure a spouse, but only in regard to the injured party
Much of divorce is done through negotiation rather than litigation, particularly in high asset cases. These codes form the framework for all divorce cases independent of social status, wealth or other non-legal factors.