Generally speaking, Texas is a “community property” state. In short, most assets acquired by a married couple are owned equally by both parties. However, there are exceptions to this rule where property division is not always 50/50. One of the benefits of a Frisco property division lawyer is that you will receive the fair treatment you deserve after a dissolution of marriage.
At Towson Law Firm, PLLC, our property division lawyers and support staff are sensitive to your family’s situation. We look forward to helping you find a solution that satisfies everyone.
The following types of assets do not belong equally to both parties in a marriage, and therefore can not be divided 50/50.
Inherited items such as cash, stocks and bonds, vehicles, real estate, artwork, and jewelry usually belong only to the party who inherited them.
In many marriages, these inherited assets are used for the betterment of the entire family, making it even more complicated when splitting or valuing them to help calculate child support or alimony payments. A Frisco property division lawyer could be very helpful in these situations.
Sometimes, assets are already owned by one party before the marriage contract is signed. While both parties may use them throughout the marriage, these assets ultimately belong to one party.
Business and investment assets can be challenging for families to divide. One spouse may invest money in the business, while the other party works there full-time for years, improving the business and investing their time and effort. This “sweat equity” is recognized by Texas courts and could be a key point in the fair division of property after a divorce.
Ultimately, individuals struggling with complicated property division, including situations in which one party attempts to conceal assets or there are issues involving sweat equity, experience the biggest benefit when working with a Frisco property division attorney.
There are several ways an individual may attempt to “hide” assets or keep them separate from a marital agreement. Bank accounts may be suddenly drained if one party is considering a divorce. Alternatively, one spouse may deposit funds into joint accounts with others in an attempt to avoid losing them. A spouse may suddenly find a new lien on their home or vehicle, making it a debt to be shared rather than an asset to be sold and split.
While the court should consider all these attempts to conceal assets, the true advantage of working with a Frisco property division attorney is their ability to identify these considerations and bring them to the judge’s attention.
If your spouse is trying to conceal assets or manipulate the valuation of marital property, you need help keeping the family home you inherited, or your soon-to-be ex is trying to take the family business, call our office today to experience the benefits of a Frisco property division attorney.
At Towson Law Firm, PLLC, our divorce attorneys are familiar with a variety of tactics and misrepresentations that your former partner may attempt during your divorce. We will help you stand up for your rights and retain your assets, and will do so with patience and sensitivity. Book a consultation today to learn more.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.
