Divorces can be complex emotional and legal mazes. The complexity can be compounded when the division of assets and finances are factors. At Tad Nelson & Associates, we have extensive expertise in mitigating common pitfalls associated with high-net-worth divorces. We make the process less complicated for our clients.
Mr. Tad Nelson has practiced family law in Galveston County since 1991, and Ms. Amber Spurlock since 2007. As experienced divorce lawyers, we’re acutely aware of the pivotal role that forensic accountants can play in keeping things fair. Our goal is always to ensure an equitable settlement for our clients.
If you need legal counsel for a divorce or related situation in Galveston County, contact our law office today at 409-904-0043. You can also contact us using the message form. Schedule your free and confidential consultation today.
Unveiling Hidden Assets
Forensic accountants are like financial detectives in divorce cases. They sift through years of banking records, investment accounts, and other financial statements to uncover discrepancies, unearth hidden assets, and highlight irregularities that might indicate financial malfeasance.
This financial deep-dive is often critical. This is especially true in cases where one party suspects the other of concealing assets. Given community property laws in the state of Texas, a comprehensive financial audit is the cornerstone of achieving a fair division of assets.
More Information: Divorce Litigation & Lawsuits
Valuation of Complex Assets
In cases related to high-net-worth divorces or those involving business owners, the value of assets isn’t always clear-cut.
In these situations, forensic accountants can provide an accurate valuation of businesses, stock options, intellectual properties, and other assets involved with the marriage. A thorough review can be important for distinguishing between separate and community property, a distinction that’s crucial per Texas Family Code.
By evaluating not just the current value but the growth trajectory and potential future earnings, forensic accountants ensure that both parties receive their fair share. At Tad Nelson & Associates, we spare no effort to make sure that our clients get what they deserve.
More Information: Protecting Your Business During A Divorce
Lifestyle Analysis
What are the real financial needs?
Spousal maintenance and child support are often contentious issues in divorces. A forensic accountant can conduct a lifestyle analysis to establish the standard of living during the marriage. By extension, the financial needs of the spouse seeking support.
A lifestyle analysis can be important for some Texas divorce cases. Spousal maintenance Texas Family Code § 8.051 is not automatic but awarded based on specific criteria, including the financial resources and needs of each spouse.
Tax Implications
The division of assets and the allocation of support payments can have significant tax implications. A skilled forensic accountant can make sure that both parties understand the short and long-term fiscal consequences of their divorce settlement. This foresight can prevent future disputes. It’s also another way of ensuring that any settlement is not just fair but also financially prudent.
The Expert Witnesses of Finance
When a divorce case is heard in court, our forensic accountants may serve as expert witnesses. If a forensic accountant is testifying on your behalf, they’ll be charged with offering clear, concise, and compelling testimony. Often, their testimony can sway the outcome of financial disputes.
Their ability to translate complex financial data into understandable language makes them invaluable in the courtroom. Whether it’s explaining asset valuation or financial discrepancies, their testimony can be a big part of securing a fair outcome.
Tad Nelson & Associates
The Galveston County Divorce Lawyers
At Tad Nelson & Associates, our extensive family law experience, coupled with our network of skilled forensic accountants and other resources, positions us to provide superior legal representation for our clients.
Need help with a high-net-worth divorce in Galveston County? Know your options and rights!
Schedule your free consultation with our legal team today.
Reach out today at 409-904-0043 or send us a message.
