If you could ask anyone who has been divorced for a few simple words that describe the divorce process, chances are most people will come up with the word “complicated.” And while all divorces are complicated in their own way, there are divorces involving certain types of assets that are substantially more complicated than others due to the complex nature of the assets.
In complex divorces, it is essential to have legal representation from an attorney with the knowledge and skill to understand how complex assets are handled and to advocate for a fair asset division according to Texas law. If you have any of the following five complex assets, start working with an asset division attorney right away.
Investment Accounts
Complex assets are so called because they involve more than one simple piece; for example, a savings account would not be a complex asset because the value is liquid and straightforward. Investment accounts, however, are often made up of a combination of publicly traded funds, mutual funds, and other kinds of holdings. Determining the value of an investment account can be difficult, especially because its value can vary from day to day.
Investment Real Estate
A couple’s marital home is rarely a complex asset, but investment real estate can be, especially if the real estate is a complex made up of multiple units. Determining the value of investment real estate can be challenging and will depend on the housing market, rental market, how many of the renters are up-to-date on payments, and whether the enterprise is profitable.
Bonuses
Bonuses are generally dependent on employee or company performance and are usually not guaranteed as part of someone’s compensation contract. When a bonus is partly or wholly earned during a marriage, whether it is divisible as part of the marital estate could depend on when it is paid out, how much of it was earned during the marriage, and whether it is contractually guaranteed.
Intellectual Property
Intellectual property includes things like books, inventions, musical compositions, and other items generated by intellectual creation. Intellectual property can be tough to valuate and divide because it often generates money well after its creation and may involve payouts that are unrelated to the original property (such as action figures based on a book series).
Professional Practices
When a licensed professional such as a dentist, physician, or psychologist has a small business in Texas, it is the value of the practice, and not the practice itself, that is divided. But the value of the business can be hard to determine and will require a careful accounting of the business’s revenue, debts, accounts payable, and assets.
Contact a Plano, TX Complex Divorce Attorney
For help ensuring you get a fair asset settlement in your Texas divorce, contact the Collin County asset division attorney with Law Office of Brian Bagley for representation. You can schedule a free consultation and learn more about how complex assets are handled in a divorce by calling (972) 843-7158 today.
Source:
https://statutes.capitol.texas.gov/Docs/FA/htm/FA.7.htm