How to fairly split unusual assets during a divorce
Divorce is a complicated process. You and your former spouse are likely to disagree about what constitutes a fair division of assets. The higher your family’s overall assets, the more likely it is that you will encounter some issues with unusual assets. Non-financial and non-traditional assets can complicate a divorce. In order to obtain a fair settlement and division of assets, you need to be able to put a reasonable and verifiable value on assets that could include things like sports memorabilia, fine art, real estate investments and even antiques. Doing so can prove to be difficult on your own.
Working with an experienced Texas divorce attorney can help with this process. An attorney who knows Texas divorce and family law will understand how property is divided in Texas. An experienced attorney who has worked previous high asset divorces will also be able to help you connect with professionals that can place reasonable and accurate values on assets of all kinds. Additionally, a lawyer can help you determine if your former spouse is attempting to hide assets. The greater your overall marital assets, the more likely it is that one spouse may try to hide some assets from the courts.
Placing a value on unusual assets
Who determines what the value of a piece of fine art, like a sculpture or painting, really is? In most cases, you need to work with an expert appraiser who will be able to give an estimate of what the piece could fetch at an art auction or in a gallery. Antiques and memorabilia should also be reviewed and priced by an expert in the field, as the prices and value can vary wildly depending on age, condition and other factors. Real estate, at least, is straightforward in that appraisers are common and easy to find. Getting an accurate price may cost you some up front fees, but that helps ensure a fair valuation.
Once you know the value of all marital assets, you can take steps to fight for a fair division of assets. Texas is a community property state. In a divorce, the courts seek to find a way to equitably divide assets. Assets owned before the marriage may revert to the original owner, while assets obtained during marriage may be split in an effort to produce a fair division. Fair doesn’t always mean equal, depending on the specific circumstances of your marriage and divorce.
An attorney can help you get the best outcome to divorce
In addition to connecting you with a professional who knows how to value assets, your attorney can fight on your behalf in court. An attorney can negotiate with your former spouse’s attorney and can help you devise a plan to effectively argue for certain assets during a divorce. The greater your overall assets, the more important it is to work with an experienced Texas attorney.
Source: Nov. 30, -0001
