When it comes to property division in a Texas divorce, people are understandably anxious. Will there be enough for both of you? Will the division of marital assets and debt be “fair”?
Our goal at Albin Oldner Law 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 property division attorneys are strong advocates on your side in negotiations, divorce mediation, or divorce court.
Texas divorce laws regarding property division can be confusing. Our Frisco divorce attorneys can help ensure you are treated fairly when splitting your assets in a divorce. Call (214) 423-5100 today to request a consultation.
Texas is a community property state, meaning all income earned and any real or personal property obtained by either spouse throughout the marriage are viewed as belonging to both partners equally. This means that under the principles of community property, both spouses have equal ownership of (and equal responsibility for) everything acquired during the marriage, regardless of which spouse was responsible for earning the income or incurring expenses.
In Texas, separate property includes anything you owned before marriage, inheritances received before or during the marriage, gifts made specifically to you, and certain personal injury awards. Providing clear evidence to establish an asset as a separate property is crucial.
As your Frisco property division lawyer, we’ll work closely with you to gather documentation and ensure your separate property is accurately identified and protected during the division process. Remember, protecting your assets starts with clear documentation and understanding your rights.
Texas law seeks a fair, but not necessarily equal, distribution of assets and debts. This concept of fairness is subjective and considers the circumstances of each marriage and divorce, meaning that equitable division can result in various outcomes depending on each case’s specific details.
In determining what is equitable, Texas courts consider several factors, including but not limited to:
It’s important to note that while equitable division seeks fairness, the division of property and debts does not have to be exactly equal to be considered equitable. For instance, if one spouse is awarded primary custody of children, the court may grant that spouse a more significant portion of the marital assets to help provide for those children.
Given the subjective nature of equitable division, having an experienced attorney can be crucial in advocating for a fair division of assets and debts that aligns with your interests and needs. A skilled attorney can present arguments and evidence to the court regarding the factors that should influence property division in your favor.
Though Texas allows for no-fault divorces, adultery or cruelty can still influence how property is divided. If fault played a role in the dissolution of your marriage, it could affect the equitable distribution of your assets. Our approach is to carefully examine the circumstances of your case, presenting evidence that may sway the division in a manner that reflects the fault’s impact on the marriage. As your advocates, we aim to ensure that property division is just and considers all factors.
With marital debts, each person typically takes their 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 debt.
Most people think their home is their most significant asset, and its valuation must be accurate. However, the more unique and upscale the home, the harder it will be to get a precise 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 they can start anew with cash in hand.
Our Frisco property division attorneys 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 critical assets for couples divorcing 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 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.
The relationship between spousal maintenance (alimony) and property division is complex. Decisions on spousal maintenance may influence how assets are divided and vice versa. We’ll help you navigate these negotiations, aiming for a settlement that balances immediate financial needs with long-term security. Whether through mediation or litigation, we focus on achieving a fair outcome that respects both parties’ contributions and future economic well-being.
Dividing complex assets like businesses, stock options, or intellectual property requires careful handling to ensure fair valuation and equitable division. These assets are often not just financial but may also carry emotional significance. Our role as your Frisco property division lawyer involves bringing in experts like forensic accountants when necessary to assess these assets’ value accurately. We’re here to navigate the intricacies of these divisions, ensuring your contributions and interests are fully recognized in the final settlement.
Retirement accounts and pensions are significant assets that require special consideration during a divorce. Utilizing tools like Qualified Domestic Relations Orders (QDROs), we can help divide these assets without triggering tax penalties, preserving their value for your future. Our priority is to ensure that your financial security post-divorce is intact, providing you with a clear understanding of how these assets will be handled and what you can expect to receive.
Life circumstances change, and the financial settlements reached during your divorce might need adjustments. While property division orders are generally final, there are situations where modifications might be necessary. We’re here to discuss your options and the feasibility of seeking post-divorce changes to safeguard your interests and adapt to your evolving needs.
At every step of the way, our focus as your Frisco property division attorney is on building a relationship that supports you through this challenging time. We’re committed to providing clear, actionable guidance that helps you navigate the complexities of property division, ensuring your finances and future are protected. Reach out to us to discuss how we can assist you in achieving a fair and equitable resolution to your property division concerns.
Call Albin Oldner Law at (214) 423-5100 or contact us online.
Need help understanding Texas marital property laws? Our property division lawyers can help. Call Albin Oldner Law, PLLC at (214) 423-5100 or contact us online.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
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