When it comes to property division in a Texas divorce, it’s easy to focus on the major assets like the family home, vehicles, and bank accounts. Yet, several overlooked assets can significantly impact the division process. Here are some assets you don’t want to forget about.
Retirement accounts and pensions
Retirement accounts, such as 401(k)s and IRAs, are often substantial assets you should take into consideration. Texas law treats these accounts as community property if accrued during the marriage. It’s crucial to evaluate and divide these accounts to ensure a fair distribution.
Business interests
If either spouse owns a business, determining its value and how to divide it can be complex. Business interests might include ownership stakes, intellectual property, and even future earnings. A thorough evaluation by a professional can ensure that all business-related assets are accounted for.
Stock options and bonuses
Stock options, bonuses, and other forms of deferred compensation earned during the marriage are often overlooked. These assets can have significant value and should not be left out of the property division process. Be sure to review employment contracts and compensation agreements.
Personal property and collectibles
Items like artwork, antiques, jewelry, and other collectibles can hold substantial value. Even if they have sentimental value for you, it is important to appraise them and consider them in the property division.
Hidden or undisclosed assets
Sometimes, a spouse might attempt to hide or undervalue assets. Conducting a thorough inventory and hiring a forensic accountant can help uncover any hidden assets to ensure a fair division.
Ensuring a fair division of all assets
In a Texas divorce, a comprehensive approach to property division is essential. By considering these commonly overlooked assets, you can work towards a fair distribution that reflects the true value of the marital estate. Evaluating all assets can help ensure a fair outcome for both parties.