Property & Assets
Division of Assets Divorce Attorney in Dallas
In Texas, the property and assets you obtained during your marriage are considered shared property, meaning both spouses have equal ownership claims. Texas law states that property must be distributed in a manner that is “just and right” during a divorce. Both sides much receive a fair share of the assets, unless the divorce is “at fault” in which case, the spouse filing for divorce may be entitled to more.
The courts will try to make the division equal, but they do not know all the details of your finances and property. This is why you need a knowledgeable attorney who can clearly define what you owned during your marriage and what you are entitled to now that it is over. This is where the Dallas divorce lawyer of Garcia-Windsor, P.C. can help.
Call (214) 972-3025 to schedule a consultation at Garcia-Windsor, P.C. today.
Community Property & Separate Property
Your marital assets are considered “community property”, meaning you both have an equal claim to them. Property you owned before your marriage is still considered yours and will not be considered in divorce proceedings so long as you can prove it belonged to you before the marriage.
Community property in a Texas marriage includes:
- Income obtained by both spouses during the marriage
- Employee benefits
- Insurance benefits
- Disability payments
- Worker’s compensation funds
- 401K plan
- Real estate
- Business ownership
It should also be noted that income from separate property is still considered shared property. If you owned a business or rental property before your marriage, you retain ownership of them, but the income obtained during your marriage is community property.
How Do Texas Courts Divide Community Property?
When a judge decides on which property will be divided, he or she will do so equitably. They will also examine one or more of the following factors:
- How long the marriage lasted
- Was there a fault that initiated the divorce?
- Were there assets and debts acquired during the marriage?
- The value of the property
- The age, health, and earning power of each spouse
- Which spouse has child custody
- The employability of each spouse
It is possible to obtain employment benefits, retirement income, and pensions as community property if they were accumulated during the time of the marriage.
How Do the Courts Divide Businesses?
Businesses owned by both spouses are also evaluated. If necessary, the court will hire an expert to help determine its liquidity or cash value if the business cannot be divided equally. Like any other asset, the time-consuming aspect comes in the form of determining what is fair. Often, divorcing couples may hire a certified public accountant or business appraiser to not only keep their best interests in mind, but to help with the valuation. It is important to consult with our attorney if you have questions regarding this, as business or real estate division can become complicated.
Let’s Discuss Details
The court considers many factors when determining “fair” asset division. These may include who retains child custody, the age difference between spouses, who was “at fault” for the marriage’s break up, and each spouse’s individual ability to bring in income. You need to be honest with your attorney about the details of your marriage so they can help you fight for everything you deserve.
Call (214) 972-3025 to schedule a consultation with our divorce lawyer in Dallas today. We have extensive experience in the Texas family law court system. We know what judges factor into their final decisions and how to demonstrate your financial needs in court.