Navigate Your Financial Future With Our Experienced Property Division Lawyers In Dallas
Who gets the house in a divorce in Texas? When facing a divorce, one of the most challenging aspects can be the division of property. When a spouse is deeply attached to a particular collectible – or the house you bought together – other significant assets or stream of income, splitting things fairly becomes complicated. If you are having a hard time defending your best interests through the division process, the guidance of a skilled family law team can help you achieve the outcome you deserve.
Our dedicated team at Katie L. Lewis, P.C. Family Law, is committed to protecting your financial interests and guiding you through this critical phase of the divorce process. As experienced property division lawyers in Dallas, we are here to help you apply the nuances of Texas property laws. We can help you with a fair and equitable distribution of assets and debts, and divide your assets between community and separate property.
What Property Is Divided In A Divorce?
There are two primary categories of assets in a divorce: community property and separate property. Understanding the differences between these types can help set reasonable expectations for your property division process.
Community Property
In Texas, community property laws govern the division of assets and debts during a divorce. Community property includes all assets and liabilities acquired by either spouse during the marriage. Common examples of this type of asset include income earned during the marriage, real estate, vehicles and debt accrued during the marriage. Does your spouse’s debt become yours in Texas? Maybe yes. Maybe no. There are some exceptions to when community property actually qualifies as separate property.
Separate Property
Separate property, on the other hand, consists of assets and debts that belong to one spouse individually, namely assets earned before the marriage. However, some forms of acquiring assets during a marriage, such as by gift or inheritance, can make the asset exempt from the asset division process. If you are looking to protect certain assets by classifying them as separate property, we can help you provide clear and convincing evidence to establish an asset as separate property. The default assumption in Texas is that property – and debt – is community unless proven otherwise.
Preparing For Asset Division And Equitable Distribution
As your experienced asset division lawyers, we utilize strategic approaches to ensure a fair distribution of marital property. We take a meticulous approach to these cases as we inventory all assets and debts, working closely with financial experts when necessary. This method of representation also includes identifying real estate, investments, retirement accounts and business interests to help us account for everything in your divorce.
While Texas is a community property state, the court aims for an equitable distribution of property, which may not always mean an equal split. Instead, Texas courts attempt to split the assets in a way they deem fair, based on factors like each spouse’s earning potential, contributions to the marriage, and the needs of any children involved. In these situations, we will present all the available information to see a judge make their decision based on all the information in your case rather than just a portion of it.
Keep Your Fair Share In Your Divorce
If you are facing a divorce or think you will be soon, our divorce lawyers can help you fight for the ideal outcome in your case. Call our Dallas office at 214-461-5028 or email us to schedule your initial consultation today.