Property Division Lawyer
Many couples accumulate substantial assets over the life of a marriage. If they get divorced, determining who ends up with what can be both stressful and complicated.
In Texas, the property subject to division in a divorce is referred to as “community property.” In general, assets you acquired during the marriage are community property and become party of a property division process.
Property or assets that you owned prior to your marriage, property that you acquired as a gift during the marriage and property that you acquired through inheritance is deemed separate property. Separate property is not subject to property division in a divorce.
The distinction between community property and a spouse’s separate estate can be disputed during divorce proceedings. For example, it’s not uncommon for significant amounts of money in a premarital account to be mingled with marital assets or used to pay down a couple’s mortgage. These become complex property matters that must be unwound.
Debts are also divided. The court can divide debts that were incurred during the marriage and require each party to pay a fair portion of those debts. This includes mortgages, car loans, credit card debt and other debt for personal property. In dividing debts, the courts will consider the earning power of each spouse and the benefits that each spouse enjoyed as a result of the asset purchased.
At the Arlington law firm of J.D. Milks, PLLC, our lawyers have extensive experience assisting clients with complex financial issues in divorce. If necessary, we have access to forensic accountants and other financial professionals who can accurately value individual components of your community property to ensure fair distribution.
Mansfield Marital Assets Attorney
Texas law states that community property should be divided equitably, which means “fairly,” but does not necessarily mean equally. The division of marital assets is determined by weighing a number of factors, including:
- The length of the marriage
- Earning potential of both spouses
- Individual property of both spouses
- History of reckless management of marital assets
- Responsibility and care of any children
- Whether spousal abuse or marital infidelity was present in the marriage
Often, one spouse is interested in remaining in the marital house with the children. When both parties’ names are on a mortgage, it may require refinancing. We help facilitate our clients’ desires in these areas when it is financially feasible.
However, our clients appreciate our frank approach to discussing finances as it relates to property division. Our Arlington property division attorneys’ priority is protecting your interests and put you in the best possible financial position to begin your post-divorce life.