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Divorce process involves addressing property, assets

Getting divorced can be a complicated process, especially when it comes to finances. Divorce can be particularly stressful for those with high-value assets and property. A few tips may help people to address these matters effectively in Texas.

When it comes to property settlement, one of the first things to consider is if a prenuptial or postnuptial agreement exists. These legally binding documents typically spell out what should happen to a couple's assets if they end up getting divorced. It is also important to explore if all assets have been listed and valued as well as classified as separate or joint. The tax basis of the assets also needs to be determined.

Another factor to consider is whether any assets will be sold or transferred, and if so, whether the tax consequences have already been calculated. Liabilities, such as loans, also need to be listed and considered during the settlement negotiation process. Furthermore, if there is a family business, this must be taken into consideration.

An applied understanding of the law in the state of Texas may help people going through divorce to fight for their fair share of assets. If two people are able to find common ground, they may benefit from alternatives to litigation, such as negotiation or mediation. However, if they cannot reach a mutually beneficial and satisfactory settlement, a judge will have to get involved and make important decisions for them regarding their property and assets, and the outcome may not be in one of the party's or both parties' best interests.

Source: thebradentontimes.com, "Guido's Weekend Financial Wisdom: The Checklist for a Divorce", Evan R. Guido, Nov. 5, 2016

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Jamie Graham & Associates, PLLC
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