In the divorce process we are taking one household and dividing it into two separate households. This is never an easy process and causes many people to worry about how much they will have to start over with.
Property division, at the time of divorce, can be one of the most complex issues, requiring the care and attention of an experienced attorney who can protect your rights. Whether you are concerned about keeping your family home, dividing retirement funds or protecting your right to assets acquired during the marriage, an experienced family law attorney can protect your rights.
At the time of divorce, your financial security may be at risk. You can protect your investments and your rights with an experienced attorney skilled in complex property division cases.
Texas is one of nine states in the United States operating under a community property system. In dividing an estate upon divorce, the property will be characterized as either community or separate. Assets must be distributed between divorcing spouses equitably, but this does not always mean a 50-50 split. The courts will consider justifiable reasons for one party to receive a disproportionate share of the estate, especially when one spouse will be a custodial parent and there is an income disparity.
Texas divorce and property division can be one of the most hotly disputed aspects of a Texas divorce case. Individuals are not only in the process of separating from their family member, but they also must consider how to divide the assets accumulated during their married life together.
In community property states like Texas, marital assets are divided by weighing a variety of factors, including:
- Length of the marriage
- Age and health of each spouse
- Earning potential and income of both spouses
- Marital fault
- Individual property of both spouses
- Reckless management of marital assets
- Responsibility and care of any children
- Abuse or marital infidelity present in the marriage
- The size of the estate
Property and debt that is not acquired or created during the marriage is separate property or debt. Each individual spouse owns it separately. Separate property includes:
- Property or debt acquired before marriage
- Property acquired by will or intestate succession
- Property acquired by third-party gift
- Property or income arising from inter-spousal gift
- Property recovered for personal injury
One spouse’s separate property cannot be awarded to the other spouse as community property in a divorce. Unless there is existing evidence that separate property was converted to community property, the property is not considered part of the marital estate for division purposes. Trained forensic accountants and experienced family lawyers can utilize a practice called “tracing” to track the origin of property by clear and convincing evidence to see when the items were commingled or used as part of the community or marital estate.
Austin Property Division Attorneys
Determining how to divide assets and debts accrued during marriage can be one of the more stressful aspects of divorce. With years of experience supporting Austin families with complex property divisions, The Law Office of Ilana R. Tanner can help you assess how your marital property should be divided. We can work with you to characterize your assets and debts to present a clear picture of what’s included in your marital estate. To ensure that you get your fair share of the marital property, contact our trusted Austin asset division attorneys.