Understanding property division principles and process helps
When a couple is divorcing, their assets are divided according to equitable property division rules. The complexity of the process can vary by the number and nature of the assets involved in the divorce process. Understanding the property division process and how it works can lend itself to a smoother divorce process which can save time, money and acrimony for the parties involved.
In addition to assets the couple may own such as a home, vehicles and other common assets, the couple may also have retirement accounts and interests and one or both of the spouses may own a small business. In circumstances when a small business is involved in the divorce process, it is essential to properly value the small business. In some situations, experts will need to be called upon to properly value assets to determine, such as in the case of a small business, the value of the business that was earned during the marriage.
All of the assets acquired by the couple during marriage must be properly valued to ensure a fair and equal distribution of assets. For some assets, the valuation may be straightforward and for others it may be a bit more complex. Spouses can have the same interest in retirement accounts as they would have had if the the money had been directly contributed to income during the marriage so careful valuation is important. Likewise, investment values must also be properly calculated.
When entering the divorce process, couples may be concerned about their future and financial security and feel like they are facing a significant amount of uncertainty. The family law process is designed to help ensure both spouses are fairly and equitable treated and have an opportunity to move forward following the divorce. Understanding how property is valued and divided in Texas can help spouses better navigate the process and plan for the future.
Paula Lock Smyth has practiced law in Texas since 1985, focusing on Family Law, Probate, Mediation, and Collaborative Divorce. She is a trained mediator, seasoned litigator, and one of the early adopters of Collaborative Divorce in Texas. Paula is a member of the State Bar of Texas, the College of the State Bar and the Texas Bar Foundation and has served as Past President of Dallas Lawyers Concerned for Lawyers.
She was a Master in the Annette Stewart Inn of Court and is a Charter Member of the Collaborative Law Institute of Texas. Her legal knowledge and decades of experience make her a trusted voice on matters that impact families across Dallas and surrounding counties.
