When it comes to property division in a Texas divorce, people are understandably anxious. Will there be enough for both of you (especially for a parent providing primary care for children)? Will the division of marital assets and debt be “fair”? You also may be wondering if the divorce itself take a big share of your assets.
Our goal at Albin Oldner Law, PLLC is to help you start your life anew with minimal baggage from the past while protecting your assets for the future. Our clients appreciate that we are cost-conscious. We don’t cut corners, but we’re always working to save you unnecessary expenses and attorneys’ fees. Our Frisco divorce lawyers are strong advocates on your side in negotiations, in divorce mediation, or in divorce court.
Texas is a community property state. The court typically divides marital assets and debts 50/50, but not always. If one spouse has less earning potential, the judge may skew the division of marital assets toward the lower-earning partner. Of course, in mediation or negotiation, you and your spouse can choose to give one person more of the assets.
In Texas, the law requires the judge to divide marital property equitably or fairly. And although it might seem fair to split everything 50/50, there are other factors involved. The court will consider many factors, including who’s at-fault, who will have custody of the children and each spouse’s current financial wellbeing.
With marital debts, each person typically takes his or her own debt, or debt with their name attached to it. Some of this may be household debt and not personal debt. Giving half of it to the other party may not be in your best interest. If your name is on the contract (a credit card, a car loan), any payment problems will hurt your credit rating, not your former spouse’s.
Rather than split these debts, look for another way to balance the spreadsheet by allocating more assets to the spouse taking on more of the debt.
For most people, their home is their greatest asset and it’s important that the valuation of the home be accurate. But the more unique and upscale the home, the harder it will be to get an accurate assessment. A home is only worth what someone will pay. We work with experienced real estate appraisers to arrive at an optimum valuation, but some couples may choose to put their house on the market so, with cash in hand, they can start anew.
Our property division lawyers work with valuation specialists to ensure all assets have been identified and properly valued, including business interests, vacation homes, cars and boats, art and collectibles.
Retirement and pension funds will be particularly important assets for couples getting divorced later in life, who will soon have to depend upon that retirement account. The division of a pension asset must be done with great care so it doesn’t trigger a taxable event.
Our property division attorneys in Frisco are always aware of the potential tax consequences when it comes to balancing assets, debts and spousal support. $1 in a retirement fund is not worth the same as $1 in a home. The more complex your financial holdings, the more important it will be to consider taxes.
Schedule a time to meet with one of our Frisco property division lawyers. We think you’ll enjoy the comfortable, informal atmosphere of our office, and find our lawyers easy to talk to, and ready to explain your legal rights and options.