By Charlie Brown

Assets and its proper division can become contentious issues during divorce proceedings, and it requires the insight and experience of the best family law attorney in Houston to work out a favorable outcome. The professional attorney you hire not only has profound legal knowledge but is also aware of the human psychology and emotions involved in the process and knows about the best ways of striking a fair deal between the two parties. They are also very clear about the role they have to play in counseling the concerned individuals to carry out smoothly the tasks of dividing assets.

The attorney is responsible for appraising the spouses all details about assets to make them aware of the assets they have acquired and accumulated during the time they were together. The process consists of gathering several documents to establish the existence of the assets and highlight the time of acquisition along with the source of finances used for creating the assets.

Understanding complex assets

One of the main tasks during divorce settlement is to work out a proper rationale for dividing assets and liabilities among the couple. The attorney responsible for listing all combined assets would include private companies, partnerships that have similar assets and limited interests that are not possible to liquidate and types of restricted stocks. It is possible to determine the worth of these items, but if there were companies that cannot be ended; the revenue would still flow to the spouse. Settling by way of selling stock and interest is an accepted practice. However, if operational agreements were in force that disallows sale, the sale proceeds would be determined only after finalization of the divorce.

Determining the value of complex assets

Pre-assigned values of assets worked out based on several factors is usually acceptable to the couple, but when they disagree, it paves the patch for consulting other professionals like business appraisers, accountants, and experts who help in assessing the correct value of assets. These professionals also assist in determining the value of complex assets whose findings the couple find acceptable.

Dividing a business

The attorney would suggest three ways of sharing a company.

– The entire business goes to one spouse if it is not possible to divide the company.The extent of involvement of the spouses determines who gets the business, with the more involved spouse usually getting it. The other spouse receives compensation for the value of some other real estate assets or amounts from bank accounts.
– With neither party agreeing to continue with the business, selling it off and then sharing the financial proceeds is a viable solution.
– If the couples are both well involved in the business, the business can continue with participation of both even after divorce.

The attorney who is a family law lawyer acts as the livewire in deploying the professionals and coordinating with them to drive the process towards a meaningful conclusion. Without their involvement, it will be almost impossible to protect the interest of both spouses.

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