A sometimes contentious part of the divorce process that Texas divorce lawyers aid their clients through is the division of marital assets.

Although Texas is a community property state, lawyers at divorce law firms stress that this does not mean marital property automatically gets split 50/50, so identifying different types of assets is critical.

Splitting traditional assets is usually easier to do, but what divorce attorneys find even more challenging is identifying and dividing up other non-traditional types of assets.

The first detail in handling those is knowing what they are and how the court views them.

What Are Traditional and Non-Traditional Marital Assets?

The traditional assets that divorce lawyers help clients to identify per the laws pertaining to the division of marital assets in a divorce are those such as real estate, vehicles, jewelry, precious metals, bank and brokerage accounts, retirement funds, and other items that are easily valued and common in most relationships.

On the other hand, non-traditional assets are those that are more difficult for a divorce attorney to value as they relate to the divorce and might involve getting an expert opinion to do so.

Examples of these assets include collectible items, fine art, antiques, cryptocurrencies, NFTs, firearms, hobby assets, and others.

Identification of Non-Traditional Assets

The part that becomes particularly challenging for law firms helping clients work through their divorces is identifying non-traditional assets that exist.

Odd hobby collections and valuable firearms in particular, as well as alternative currencies, can be particularly difficult to identify and locate.

To do so, divorce lawyers find it necessary to investigate for non-traditional assets using financial records, discovery requests, and simply paying attention to indicators that a collection or hobby exists.

The Challenges of Valuing and Allocating Non-Traditional Assets

Once non-traditional assets have been discovered, the next challenge that divorce attorneys face is helping their clients value these items, as some like collections might be quite valuable.

The opinion of experts may be sought to do so or courts might also look at recent auctions or online sales to put a value on certain collectibles and antiques.

Then once items are given a fair market value, spouses and their lawyers must decide on how to allocate those items.

Whether they are given to the spouse who collected them in exchange for a portion of other assets, liquidated, or weighed against items that the other spouse requests, these items must be creatively divided in such a way that the court agrees and approves the divorce decree.

Discuss Assets and Division with A Skilled Divorce Lawyer

The division of marital assets can be a complicated task for divorce lawyers and their clients as they work through the divorce process.

Beyond the possibility of disagreement between spouses, divorce attorneys must also resolve the issues of traditional and non-traditional assets and how to identify, value, and allocate the latter.

When there are non-traditional assets that must be assessed, the best recommendation is to work with a law firm experienced with valuing and dividing up collectibles, firearms, and other personal items that do not fall under the category of traditional marital property to ensure each spouse receives what they are entitled to in the separation of all marital property.