Divorce is rarely easy. Even when both parties enter the process intending to cooperate, navigating the legal complexities can quickly become overwhelming. There are certain situations when having legal representation on your side is important even if both parties agree to move forward amicably. Two examples include the following.
#1: Complex finances
Whether you are financially savvy or relied on your partner to fill that role, the financial acumen needed to build wealth is very different that that needed to divide assets during the property division portion of the divorce proceeding. Many steps are needed when navigating the division of complex assets which can include dealing with multiple pieces of real estate, business interests, or a varied stock portfolio.
The first step is often to determine the status of the asset as marital or separate. Texas is a community property state, meaning assets a married couple acquires during the marriage (marital assets) are generally presumed to be subject to a 50/50 division. The court generally does not divide separate property, such as assets owned before marriage or received as gifts or inheritances during the marriage, as long as the owning party keeps the asset separate from marital property and can prove the separate property source through tracing.
Once the status of each asset is known, additional steps for marital assets often include the following:
- Valuation of assets: High-value assets like businesses, investments, and real estate need valuation.
- Discussion of any potential tax implications: Dividing substantial assets can have significant tax consequences.
- Protecting privacy: Legal professionals can help manage confidentiality and protect sensitive information.
It is important to note that just because an asset is deemed marital does not mean that the parties must split the asset. The parties to the divorce could use the valuation to negotiate an exchange of another asset of similar value in its place.
#2: Child custody
Texas law prioritizes the “best interest of the child,” which encompasses various factors often requiring legal interpretation. Texas distinguishes between conservatorship (legal decision-making rights) and possession and access. An attorney can help to better ensure custody orders clearly outline these aspects, preventing future misunderstandings or disputes.
While you may agree today, life changes. This is especially true when it comes to drafting a plan for a child. As they grow, their interests change. An attorney can anticipate these potential issues as well as the possibility of relocation or parental job changes, incorporating provisions that protect your rights and your children’s well-being in the long term.
An experienced, Board-Certified Family Law expert attorney can review complicated asset division questions as well as child custody matters and help draft a divorce settlement agreement that meets your needs.