Divorce has a way of feeling like an emotional battleground, but when you get down to brass tacks, divorce is about the financials involved in the dissolution of your marital contract (in addition to child custody matters). When it comes to divorce financials, they can range from straightforward to exceptionally complex, and it is important to recognize where your divorce falls on this spectrum and whether or not you need a forensic accountant to help protect your financial rights moving forward.
The Division of Marital Property in Texas
In the State of Texas, the property that you and your spouse acquire during your years as a married couple is considered marital property that, in the event of a divorce, is divided equitably (or fairly in light of the circumstances at play) between the two of you. That property, on the other hand, that you bring into the marriage with you and keep separate throughout your marriage remains separate property. If there are clear dividing lines between your separate and marital property, it can make the process more clear-cut, but it does not necessarily mean there will be smooth sailing ahead.
Complicating Factors
Some of the factors that tend to complicate the division of marital property include the following:
High assets
Business ownership
Ownership of multiple properties
Obtuse financials (especially if one spouse has far greater – or total – control over the family’s financials)
If any one of these applies to your marriage, having a forensic accountant on your side may be in your best interest. Your experienced Copperas Cove divorce attorney will help you make this important determination (in response to your unique situation).
Business Ownership
One of the most-complicating financial factors of divorce is business ownership. Even if ownership is clear – whether separate or marital – complicated financial decisions often remain.
Increase in Value
Even if you both agree that the business in question belongs to your divorcing spouse, for example, the fact is that the business is likely to have increased in value over the course of your marriage. This increase in value is marital property, and it will need to be accurately calculated and equitably divided between the two of you.
The Value of the Business
If one or both of you began the business during your marriage, it is marital property, but obtaining an accurate valuation that you are both willing to sign off on can be extremely difficult. If you both work for the business, it makes the matter that much more complex – because one of you will likely be walking away from your livelihood.
Reach out to a Dedicated Copperas Cove Divorce Attorney Today
Brett Pritchard at the Law Office of Brett H. Pritchard – proudly serving Copperas Cove, Texas – is a trusted divorce attorney who has the experience and legal insight to help ensure that your financial interests are well protected throughout the divorce process. Your case is important, so please do not hesitate to contact us online or call us at (254) 781-4222 today.