Divorce is a difficult process, and complex property division matters only raise the stakes.
Divorce is a difficult process, and complex property division matters only raise the stakes.
For those facing divorce in Texas, understanding how assets are divided is essential for protecting your financial future. From tracing separate property to valuing a business, navigating complex property division during a divorce requires expert knowledge and skillful representation. To ensure your financial security, retention of an experienced attorney who understands the intricacies of asset division during a divorce is key.
In order to secure the assets that are of most value to you as well as your future assets, the complex property lawyers at Toombs Imel & Associates can assist in managing your property division respectfully and with care and creativity.
Dividing a Complex Marital Estate…
A marital estate can be complex for a variety of reasons.
The types of assets held by a couple can significantly impact the complexity of their marital estate. For instance, if one spouse has ownership in multiple businesses, those entities must be valued and divided appropriately during the division process.
Tax consequences associated with the division must also be considered to ensure that a spouse does not receive more than his or her fair share of the estate.
As a general rule of thumb, longer marriages typically mean more assets to divide upon divorce. Identifying and accurately accounting for the numerous accounts and investments held by a couple adds complexity to the division of assets.
This includes bank accounts, retirement, military benefits, rental properties, stock portfolios, restricted stock and stock options, and business interests.
Business ownership is yet another aspect that complicates matters since it requires valuing the business itself and ensuring the non-owner spouse receives his or her equitable portion from the award of other assets or a payment plan over time.
Creativity is key—so an experienced attorney adept at handling these types of cases should always be consulted before any decisions are made regarding the disposition of business interests.
Other factors such as tax implications of dividing certain asset transfers, hidden income sources, debts accrued during marriage, marital property agreements, etc. – all add more layers of complexity.
All must be taken into consideration when negotiating settlements of complex estates or trying such issues to a judge or jury due to their potential effects on future financial stability.
Can I negotiate a settlement agreement outside of court?
Absolutely. The process of settling a divorce outside of court is often less expensive and time-consuming. In fact, most family law cases in Texas settle outside of court.
A few other benefits may include reduced legal fees, faster resolution of disputes, greater privacy (as opposed to airing out your dirty laundry in public), and more control over the outcome since you are making the decisions rather than leaving it up to a judge or jury.
However, you should always be prepared to litigate and know your walk-away value. With the help of our family law attorneys, we will ensure that you understand all legal implications associated with any potential agreement.