Plano and Frisco, TX, Divorce Attorneys
Protecting Your Finances and Your Future in the Marital Property Division
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”? Will the divorce itself take a big share of your assets?
Our goal at Albin Law Group 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.
Balancing Marital Assets and Marital Debts
Texas is a community property state. Marital assets and debts are typically divided about 50/50, but not always. If one of the parties has less earning potential, the family court judge may skew the division of marital assets toward the lower-earning partner. Of course, in mediation or negotiation, you and your spouse can always choose to give one person more of the assets.
“My divorce action was completed and finalized after nearly a year and half…. The uniquely bizarre aspects of the case that dealt more with personalities than marital property and non-existent assets, was handled by Albin Law Group with genuine concern for my son & I. They… navigated me through the tough times… For this I am grateful. Albin Law Group maintained the highest level of professionalism and candor during the process and the results were very favorable.” — M.C., Denton County
When it comes to marital debts, each person typically takes his or her own debt – debt with their name attached to it. Some of this may be household debt and not personal debt and you may be tempted to give half of it to the other party. But that 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.
Accurately Valuing Marital Property
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.
Albin Law Group divorce attorneys 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.
Dana Steward represents clients in simple and complex divorces, child custody cases, paternity suits, adoptions, and same-sex family law matters. In 2015, he was selected as a “Top 100 Matrimonial and Family Lawyers” by The National Advocates. He was nominated as one of the “10 Best Family Law Attorneys in Texas” for client satisfaction by the American Institute of Family Law Attorneys, and in 2016, the National Academy of Family Law Attorneys rated Dana as a “Top 10 Under 40” attorney.
Meet with a Divorce Lawyer Serving Frisco, McKinney, Plano and Allen, TX
Schedule a time to meet with one of our Plano property division attorneys. 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. Call Albin Law Group at 214-430-4440 or contact us online.