Helping Clients Secure Accurate Valuations For Equitable Distribution
Before the court can divide marital property, the couple’s assets need to be valued so that a judge can make an equitable award. For some assets, this is a simple process that requires a small amount of research into current value. For others, this process can be incredibly challenging.
Attorney Paula Lock Smyth is a Texas family law attorney who provides comprehensive divorce services to clients throughout Dallas and the surrounding areas. She has more than two decades of experience and often represents clients in property division cases involving complex and high-value assets.
Small-Business Valuation In Divorce
When one or both spouses own a business, valuing that business is a critical component of the divorce process. The first issue is whether the business can be categorized as community or personal property. Given that Texas community property laws state that any assets earned during the marriage belong to both spouses, it is possible that part of the business would be considered community property, but not the business as a whole.
Once the business has been categorized, it is critical to get an accurate valuation of the business from a qualified CPA. Paula Lock Smyth Law Offices works with a variety of experts in different fields to ensure that clients have access to all of the information they need to protect their assets and their livelihood.
Division Of Retirement Accounts
For many couples, retirement accounts are some of the most significant assets they have accumulated throughout their marriage. Texas community property laws have the same effect on earnings that were saved in a retirement account as those that were paid directly as income, making many spouses co-owners of each other’s 401(k)s and other investments.
The tax consequences of removing money from retirement plans and restrictions on early removal may make direct payments from these accounts difficult. In addition, many investments made for retirement fluctuate and are difficult to value. Paula Lock Smyth works with financial experts to formulate equitable plans for compensating spouses for retirement savings, helping to ensure her clients’ future are financially secure.