Along with the vitriol, quite often involved in parents disagreeing over the custody of their children, the division of community assets and debt can be equally contentious. Texas law provides for an equitable (Note: this does not necessarily exactly mean equal) division of community property and debts. Izzo & Associates is especially well equipped to aid our clients in locating, identifying, and valuing these assets and debts, as well as in developing a strategy necessary to negotiate their division. John Izzo’s experience as the managing director of an investment banking firm, as well as his role in developing an early form of business valuation software, serves our clients well.
While some of our clients come to us with an existing premarital or postnuptial agreement that mitigates the impact such concerns can have on divorce, most people have this burden to contend with in litigation. Assets that are acquired during your marriage, as well as debts incurred during your marriage, are subject to an equitable division in Texas. The court’s determination of what is “equitable” involves several factors that a judge must balance. One of our main jobs at Izzo & Associates is to assist our clients in characterizing these assets and debts. Dovetailing the interests of both parties is often a great aid in their division. Quite often, what is most important to one spouse is not as important to the other, and vice versa.
Note: It is highly important that you locate a Family Law Firm that has a wealth of experience involving both the characterization of assets as well as how such assets are valued and how they can be divided, such as businesses, retirement accounts, stock options or stock, and so on.
Izzo & Associates has established key contacts with real property, financial accounting, and business evaluators that can aid in this process. The key role that our firm can play in determining what assets and debts exist and exactly which of these are actually divisible under Texas law, depending on the size of your marital estate, involves two components:
- Your law firm must be adept at sending out proper discovery requests, whether they be personally to the opposing party and/or to gather information from other principals or entities, such as business records requests.
- As part of your specific case strategy, it is always best to work at settling all property issues to hopefully keep you out of court while standing ready to litigate key issues to preserve your most valued assets.