In the state of Texas, assets that are acquired during the marriage are considered community property — that is, property owned by both husband and wife. These assets are subject to division between the couple in a fair and equitable matter, regardless of which spouse acquired it or legally holds it.
For those of high net worth, it is particularly critical to work with representation equipped to identify and value marital assets. A failure to do so can result in unfair allocations that adversely affect the financial future of each party. Not every firm possesses the skill and experience needed to handle complex estates or wealth.
Dividing Assets In Divorce In Houston — Handling High Assets, Retirement And Inheritance
At Fabio & Merrill, we have provided thorough and experienced asset division services to clients facing divorce, including dividing business interests, retirement and investment accounts. Through investigation into complex financial situations and partnerships with forensic accountants, appraisers and other financial experts, we ensure that all assets are properly valued and characterized.
The Characterization Of Assets
All property and assets held by the spouses must be characterized in one of two ways: as community property, having been acquired during the marriage, or as separate property, meeting requirements that exclude it from the division. This can become complicated when dealing with inheritance, trusts, investments and other complex accounts.
This often requires a detailed identification of each asset and possible tracing of assets to determine their use, accounting and gains and losses over the duration of the marriage to provide the most accurate fair and equitable division possible.
The Division Of Retirement Benefits
Retirement accounts and investments for the future can be particularly difficult to value and are addressed via a Qualified Domestic Relation Order (QDRO). Our firm is skilled in determining accurate current and future values of the accounts and providing a division that is fair and equitable, taking into consideration possible tax penalties and implications.
If a business, significant share in a company or a professional practice is held by the couple or one spouse, the business must be evaluated and valued to determine what is due each spouse upon divorce. Each situation is unique, requiring a thorough understanding of business valuation that could affect a fair and equitable division.
To learn more about how we can help you navigate all issues related to your relationship with your children, please contact our Houston law firm today at 713-581-9021 or toll free at 800-607-0205. Our office is centrally located in Greenway Plaza, just north of 59 inside the 610 loop and serves clients throughout Houston and surrounding areas.