When business owners, medical and legal professionals, and other high-income spouses get divorced, they may find it challenging to divide their property fairly. Understanding how property is divided is the first step in protecting your share of the marital assets.
If you and your spouse have substantial assets and want to end your marriage, you may need the assistance of a skilled West Lake Hills complex property division lawyer. Our team’s diligent attorneys could work closely with you and experienced financial experts to protect your legal interests and ensure a fair property division.
Types of Complex Property in West Lake Hills Divorces
Before determining how to divide a couple’s assets, it is essential to identify their property so it can be valued appropriately. Types of assets that may be more challenging to divide include:
- Public and private businesses
- Retirement accounts, including IRA’s, 401(k)’s, pensions, and deferred compensation
- Investment accounts, such as stocks, bonds, and mutual funds
- Vested and unvested stock options
- Personal injury settlements
- Commercial real estate
- Professional practices, such as legal, medical, and accounting
- Gas, oil, and mineral rights
A significant concern in some cases involving complex property is whether both spouses have fully disclosed their assets. Additionally, issues regarding identifying complex assets as community or separate property may arise if one spouse inherited funds prior to marriage but invested a portion of those funds on a joint asset, such as the couple’s marital home. Working with a skilled attorney who understands how to uncover hidden or undisclosed assets is essential in complex property division cases.
Valuing Complex Property
One of the most complicated parts of the asset distribution process is valuation. Judges generally accept the value of an asset if both spouses agree to that amount. However, if divorcing parties disagree, it may be necessary to retain financial experts to determine the value of the couple’s complex assets. Some of these individuals may include business and real estate appraisers, forensic accountants, actuaries, and pension valuators.
Asset valuation can be further complicated if a spouse owns an asset jointly with one or more third parties, like a medical practice with multiple owners or real estate investment trusts with numerous investors. In West Lake Hills, a knowledgeable lawyer could work with financial experts to provide an accurate assessment of the assets in a complex property division case.
Consult a West Lake Hills Complex Property Division Attorney
Property division in a divorce can be challenging to navigate, especially when a couple has assets that are not straight forward in ownership or value. An experienced West Lake Hills complex property division lawyer has the necessary experience to safeguard your rights in these difficult cases. Our legal team’s seasoned attorneys have access to financial experts who can assist in identifying and valuing a couple’s assets to ensure a fair distribution of their separate and community property. For more information about how our team could help you in your divorce, reach out to our skilled legal professionals today.