Setting The Stage For Financial Stability
Property division is one of the most critical elements of a divorce because the outcome will set the stage for your future financially. You want to make certain that you remain financially stable as you move forward into your life after divorce.
At Weinman & Associates, P.C., in Austin, we understand the fear of financial instability. Our founding attorney, Daryl Weinman, has been through a divorce herself. She knows the thoughts that run through a person’s head in these situations: Will I be left struggling financially? Will I be able to afford my home and my bills? Will I have the money to raise my children comfortably?
Our family law firm is prepared to advocate for you. We come to these cases with more than 20 years of experience. We know Texas property division laws, and we are ready to do the work to put you in the strongest possible financial position.
If you would like to meet with us to discuss property division, call 512-298-6691.
Community Property And Separate Property
Under Texas law, most property acquired during the marriage is community property (sometimes referred to as marital property). Texas law requires that it be divided fairly and equally.
We will carefully review your financial situation. We will identify community property, place a value on it and determine a fair basis for a division of that property. We will also help you identify separate properties. This includes property that was acquired prior to the marriage, as well as certain other types of property. This property is not considered part of the community estate and is not to be divided. However, evidence must be provided to demonstrate that property is indeed separate property because, under Texas law, all assets are considered community property until proven otherwise. This process can become very involved, particularly when marital assets are significant, when separate and community assets are commingled, or when the marriage has lasted for many years.
At Weinman & Associates, P.C., we have experience tracing asset transformations and valuing them. We have also demonstrated an ability to handle even the most complex property divisions involving substantial or unique assets.
When Property Division Gets Complex
While most divorce cases typically require the division of the family home, bank accounts and retirement accounts, there are some cases that involve substantial or unique assets that may require specialized attention. Our decades of experience allow us to handle cases involving:
- Businesses and professional practices
- Multiple real estate holdings, including out-of-state or international holdings
- Oil and gas rights and other mineral rights
- Ranch and farm property
- Stocks and investment accounts
- Art and antique collections
We take a systematic approach to property division, carefully analyzing the issues, investigating the details, and marshaling facts and figures to support your case. When appropriate, we consult with forensic accountants, financial analysts, business valuation specialists and certified divorce planners who can illuminate complex financial issues.
Answers To Common Questions About Property Division
At Weinman & Associates, P.C., in Austin, we have found that the people we represent like to understand how property division works. We believe that an educated person is an empowered person. For that reason, we have provided answers to some of the most common questions about property division in Texas.
Is property divided equally?
Equal means that everything is split 50-50. In some cases, this type of property division is appropriate. However, Texas law calls for an equitable division of community property. In other words, property should be divided fairly, but not necessarily equally.
Many factors need to be looked at to determine a fair division of property. Each spouse’s earning power will need to be considered, as well as the length of the marriage. The grounds for divorce may play a role as well. Ultimately, the balance may need to be shifted so that one spouse gets a larger portion of the property to compensate for other financial imbalances. Our goal is to make certain that you get an outcome that is fair.
What does it mean that Texas is a community property state?
Community property refers to all property acquired during the marriage. In Texas, all community property is subject to division during divorce. As mentioned above, all property is presumed to be community property until and unless one spouse provides evidence to show that it is separate. Separate property includes property owned prior to the marriage. It is not subject to division. We take great care to isolate and protect your separate property during this process.
Is all property subject to division, even retirement benefits?
Unless designated separate property, all property is considered community property and subject to division. That includes pensions, 401(k)s and other retirement accounts. These accounts require a special document, called a qualified domestic relations order (QDRO) in order to be distributed from the account holder to the other spouse. We are skilled in the creation of these orders when appropriate.
How are businesses divided?
The division of a business is one of the most complex aspects of property division. There are many issues that need to be reviewed, starting with the date that the business was formed in relation to the marriage. How was the business operated? Was it truly a family business, in which both spouses participated in running the business, or was it operated solely by one spouse? Was the business owned in partnership with individuals outside of the marriage? Will the business continue following the divorce, or will it be dissolved?
The issue of personal goodwill versus commercial goodwill also needs to be considered. Personal goodwill refers to the reputation the business has achieved that is tied directly to the business owner. Commercial goodwill refers to the reputation that is tied to the name of the business itself. Personal goodwill is part of the value of the business that is not subject to division, whereas commercial goodwill is. We have the experience to address this issue and all others, working with experts in business valuation as appropriate, in order to pursue a fair division of the business asset.
Does child custody impact property division?
Child custody arrangements may impact property division. Texas law calls for equitable division of property based on a variety of factors, one of which is parenting time. The parent with custody of the child may be the one who gets the family home to raise the child in and may get a larger portion of the property in general. We will review child custody plans and all other factors as we craft a case designed to get you a fair division of assets.
Learn More About Protecting Your Assets In Divorce
For a consultation with Weinman & Associates, P.C., call 512-298-6691 or send us an email.