When you get married in Texas, you not only come together as one as a couple but also financially. Every income (salary), investment, business, and debt that you acquire belongs to you both. As such, your divorce will probably be the largest financial transaction in your life because every aspect of your net worth will be scrutinized and then divided. This may call for a financial specialist.
Financial specialists in Texas and their roles
A divorce financial specialist is a forensic accountant who can help you and your lawyer understand the full extent of your (both your and soon-to-be ex) assets and income during divorce proceedings. They will also be able to provide an estimate of future earning potential and help identify any hidden assets.
This is important because in Texas (as well as most other states), courts will consider both parties’ incomes when making decisions about property division, spousal support, and child support payments. If one spouse has substantially more income than the other, it could result in a larger financial settlement or award in their favor. But a lot goes into this decision, and so everyone’s settlement is unique to their circumstances.
What to look for in a financial specialist in Texas
First, make sure they have experience working with divorcing couples in Texas. While many financial specialists are certified public accountants (CPAs), not all of them have experience dealing with the complexities of divorce.
Second, find out what type of fees they charge. Some financial specialists work on an hourly basis, while others may charge a flat fee or a percentage of the assets they help you divide.
Third, ask for references from other clients who have used their services. You can get a wealth of information about the financial specialist you are considering from people they’ve worked with before, which might help you decide whether or not they are right for you.
Finally, make sure you feel comfortable with them. This is someone who will be privy to sensitive financial information, so it’s important that you trust them and feel like they have your best interests at heart.
If you are getting divorced in Texas, you may want to consider hiring a financial specialist to help you through the process. While it is not required by law, a financial specialist can give you a significant advantage in negotiations and help ensure you receive a fair settlement.