Dividing assets when going through a divorce

When a couple decides to get a divorce in Texas, it is likely that any assets that were obtained during the marriage will be divided. This can be quite expensive for each person if they do not take steps to protect those assets during and after the split.

A divorce can be a very emotional experience for many people. Those emotions can cause problems when it comes to determining the value of certain property and assets. For example, the family home may have a higher emotional value than the actual real estate value. This can result in an unfair settlement and end up costing both individuals more money when it comes to taxes. It is best to have a third party investigate the value of all applicable assets so no one ends up with more or less than what they should.

Having a financial professional determine asset values is also important because they are likely to find any hidden bank accounts or assets that one former spouse may not know existed. The professional may also find that one spouse lied about their income or how much they were adding to the debt. Going into the divorce process with a full picture of all marital financial assets can result in a settlement that is fair.

The division of property is a major part of the end of a marriage. As Texas is a community property state, all marital assets will in general be divided by the court equally between the spouses, unless they are otherwise able to come to an agreement. A family law attorney can often be of assistance to a divorcing spouse in negotiating a settlement agreement that covers this and the other applicable divorce legal issues.