Divorce: Property Division
Issues involving property division are often contentious. Texas law characterizes property as either community property or separate property. Community property is considered to be any property acquired during the course of marriage. Each party shares equally in ownership of this property. This does not mean that the court will split property in half, as most property cannot be divided without destroying its character. There are exceptions of course, such as liquid assets. The courts will look at the value of the individual property in determining the proper property division.
The main focus of asset division in divorce will be determining the character of property as either separate or community. It is fairly common for a spouse to try and hide assets from the other during the divorce process in order to prevent division. A good experienced family lawyer can make sure that this comes to light by a thorough discovery process.
COMPLICATED PROPERTY DIVISION IN HOUSTON
In order to locate and correctly value your property, it may be necessary to enlist the help of property appraisers, forensic accountants and business valuation experts. This is especially true in the case of businesses, partnerships, complex securities and employment benefits. Some of the categories that we often encounter are:
- Home and vehicles
- Overseas accounts and tax shelters
- Property in trust accounts
- Real estate, such as rental properties or vacation homes
- Gifts, inheritance or other separate property that may have become community property during the marriage
- Pensions and retirement accounts
- Wholly owned businesses and partnerships
In some situations, where a couple cannot decide who will get the marital residence, the court will order the home sold and the proceeds divided accordingly. However, if you do not wish this option, an attorney can help you with other alternatives to property division. There are all kinds of solutions available to you, and our firm can help you identify the best choices for your situation. Our goal is to protect our clients’ interests while making the divorce process as swift and amicable as possible. Call us today for a free consult!