Southlake Property Division Lawyer

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.

Do You Really Need a Southlake Property Division Attorney?

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:

• Can your retirement accounts, such as 401(k) plans and pension plans, be divided when you were the only one working to earn those assets? Will you need a “qualified domestic relation order” (QDRO)? This is how joint retirement accounts are legally split in divorces, so you aren’t taxed for making an early withdrawal.
• How can you prove which property belongs to you?
• Are you aware of the tax consequences you’ll face if the marital assets are divided in this way or that way? Contact a qualified accountant to get a solid understanding of what options will ultimately work out best for you.
• Did either you or your spouse receive an inheritance or lawsuit settlement during the term of the marriage? Generally speaking, those will remain separate property 100%.
• Can you be held responsible for your spouse’s debts, such as student loans and credit cards?
• Is it going to be necessary to remove one spouse’s name from a deed, the title to a vehicle, or a business partnership agreement? Many people prefer to have their legal team to provide assistance and guidance with all of this type of legal documentation.
• What happens to your home during a divorce? Can you be kicked out? Will you be forced to sell? How can you remove yourself or your spouse from the mortgage?
• Was any property of significance purchased during the separation? Because you are still legally married, living together or apart, until the judge issues a divorce decree, these “separation” purchases are still joint assets. The same is true for debts.
• What happens if you own a business? Can your spouse receive ownership? What if you have a business partner?

What is Community Property?

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.

High Asset Divorce Cases

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:

• High net worth divorces often take longer to finalize; this usually means a bigger price tag.
• High net worth individuals tend to have more complex spending habits. Other divorcing couples can sort of “live normally” while the court combs through their finances with a fine-tooth comb. High net worth individuals, on the other hand, may need to live differently than they normally would, so the court sees a “frugal, responsible” spending pattern (even if it isn’t financially necessary). For ideal child support and alimony agreements as well, this can be super important.
• Typically, a multitude of experts must be brought in to evaluate a high net worth divorce. On top of a divorce lawyer, you may also need to pay for tax professionals, appraisers, estate planning experts, business consultants, and translators.

Separate Property in a Community Property State

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.

Contact a Southlake Property Division Lawyer

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.