Do you or your spouse own property or investments in another country? These international assets can add an extra layer of difficulty to division during divorce.
Getting to know the guidelines for dealing with these items is a vital first step for ensuring a fair outcome.
Identification and valuation of international assets
The first step in dealing with international assets is to identify what you both own. This can include real estate, bank accounts, investments, or business interests in other countries. Gather all relevant documentation about these assets, such as ownership records, account statements, and property deeds.
Next, determine the value of these assets. Valuing international property can be challenging due to differences in currency and legal systems. For help, think about hiring professionals familiar with the financial regulations and property markets of the foreign country. Pay close attention to valuation because it affects how the court divides these assets.
Putting this information together in an inventory and valuation report makes these assets easier to manage. Such documentation can also be valuable if you have concerns about your spouse trying to hide wealth.
Legal considerations for division
The State of Texas follows the principle of fair distribution in the division of assets. This means that all assets, including international ones, must have a fair (but not necessarily equal) split between both parties. However, dividing international assets also requires adherence to both U.S. and foreign laws.
Work with officials in the foreign country to ensure that property transfers comply with local laws. This could involve translating legal documents, navigating foreign property laws, and understanding tax implications in both countries. Coordination with international authorities can be time-consuming but is necessary for a smooth process.
Dividing international assets in a Texas divorce requires careful planning and coordination. By proactively addressing the challenges, you can ensure a fair division and position yourself to be financially stable.