Property division is a crucial aspect of settling a divorce. To make the process less stressful, educate yourself about what to expect. At Mims Ballew Hollingsworth | Family Law, we are Southlake Texas property division attorneys dedicated to helping our clients protect their property, wages, savings, investments, and financial futures. As you are no doubt aware, property division in a divorce can often be a highly contested issue.
The good news is that hiring a skilled and experienced property division lawyer can actually make divorcing couples more likely to settle and settle to more favorable terms across the board.
Disputes can arise over whether an asset is considered community property or separate property, whether an unequal division of property is appropriate, and how certain assets, such as business interests and executive compensation packages, are valued. To get started, here are a few things to ponder before you decide whether you should hire a Texas property division lawyer:
Texas is a community property state. This means that, in Texas, unlike in other states, all property owned by you and your spouse is part of your marital estate and can be divided by the court. Even if the property is in only one spouse’s name, it can still be divided. This includes a home where only one spouse is on the deed, personal financial accounts and investment portfolios, retirement accounts through your employer, and even the value of a business operated by only one spouse.
Property division can be highly complex and often is not straightforward, especially in a high-asset divorce. High net worth divorces tend to be different than divorces with fewer assets for a variety of reasons:
Separate property is something the court cannot divide during your divorce. There are certain categories for what qualifies as separate property, and this does not necessarily relate to an asset being in your sole name. In fact, jointly titled assets can still be separate property. Separate property includes what you or your spouse had before marriage and property that you either receive during the marriage as a gift or through inheritance.
There is a high standard for proving separate property to the court. Meeting this standard can become difficult when separate property assets are commingled with community property assets, which is not uncommon and can have dire consequences. It is important that you have an experienced attorney who knows what they are doing to protect your financial future. Our Southlake property division law firm is experienced in locating, tracing, and valuing separate property assets to ensure they are protected for you in your divorce.
The divorce attorneys at Mims Ballew Hollingsworth | Family Law have more than 75 years of experience helping clients navigate through the complexities of divorce and property division. Our team will work with you to develop a customized strategy for dividing your property and protecting your financial future. Contact us today for a consultation.