Lawyers Helping Clients Divide Marital Property
Property division and debt division can be the second most contentious aspect of divorce after matters related to children. Because Texas is a community property state, the applicable rules must be followed. The term “community property” refers to the property acquired during a marriage, whether that property is real estate, small businesses, bank accounts, collectables or retirement accounts. It also includes debts such as mortgages, loans, credit card balances and other debts incurred while the couple was married.
What Is Marital Property in a Community Property State Like Texas?
At the Tarrant County law firm of Allen & Weaver, P.C. , our attorneys guide clients through the process of dividing marital community property and debt. One of the biggest issues in dividing community property is determining exactly what that term means. For example, if Great Aunt Ethel bequeathed you some money while you were married, is that community property? If you had a bank account before you were married and have not touched it since, is that community property? If both of you bought into a small business but only one of you actually ran the business, what share of the business is community property? These examples may fall into the separate property category, as opposed to community property. To make things more confusing, there is a third category of marital property, mixed property. This type of property is an amalgamation of both the other types of marital property.
Is Community Property Always Divided Equally? No!
The other major issue in Texas property division is whether property is divided equally or disproportionately. Once the separate, mixed and community property is identified and valued, it needs to be divided between the spouses. Although in many divorces the assets are divided more or less equally, that is not always the case. In some cases, the judge will make a determination based on a variety of factors such as earning capability of each party, as well as the ages and health of both. Whether there was fraud such as an attempt to hide assets, or adultery, or other fault in the marriage, may also be considered.
Save Time and Money. Focus on the Children When Dividing Property.
At Allen & Weaver, P.C., our Euless family law attorney Katherine Allen urges clients to keep the property division process among themselves and their lawyers. And when the parties cannot agree, she uses creative approaches to help them move toward compromise. For example, if the couple cannot agree on dividing the proceeds from the sale of the marital home, she will propose that they out the disputed amount into a college fund for their children. In this way, neither party loses and the children benefit.
Using Outside Consultants During Property Division
In some cases, property division requires appraisers to value an asset correctly. If the assets include a small business, we may bring in a business evaluator. And in some cases our two principal attorneys work together to evaluate contracts and other intangible assets. Attorney Brandon Weaver may also help restructure a business to account for changes resulting from the property division process. We call upon all the specialists needed to compete the process effectively.
We Want to Be Your Property Division Attorneys in Tarrant County. Call Us.
Our law firm can help with dividing property and debt during divorce. We provide this help with an eye toward saving clients time, money and stress. If you would like to learn more about how we do this, contact our Euless law firm for a low-cost initial consultation. Telephone (817) 567-2721 or contact us online to get started.
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