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No matter the reason for parting, certain stressors accompany every divorce. Determining how property should be divided can disrupt even the most amicable negotiations and prolong the divorce process.
Asset division in Texas requires couples to split all community (marital) property equitably. However, disputes often arise about whether assets are co-owned or owned separately. Assistance from a Frisco complex property division lawyer could be invaluable when untangling the intricacies of comingled property. An experienced asset division attorney could advise you of your rights and help you reach a fair solution that protects your financial future.
Asset division in Texas is based on a community property system in which property obtained during a marriage is considered jointly owned, and property obtained before marriage is considered separate. All community property must be equitably divided during the divorce process.
To determine which assets are to be divided, all property must be classified as separate or community. Separate property refers to property acquired before the marriage or owned by one spouse (such as inheritance). Community property is property obtained during the marriage and is typically co-owned by both spouses. In complex asset division cases, such as in Frisco divorces involving marriages that lasted a decade or more, disputes often arise over what qualifies as community or separate property.
Throughout a marriage, couples often combine existing assets when making large purchases or other lifestyle choices. These decisions can blur the lines between separate and community property. For example, one spouse may own property before the marriage, sell it during the marriage, and then put the resulting funds in a joint account. In doing so, questions can arise about which parts of the property are considered separate. Similarly, assets become further intermingled if one spouse owns a property going into the marriage, but both contribute to mortgage payments.
In most cases, the classification of property is based on the manner it was first obtained. In other words, separate property remains separate even if it is exchanged for other assets. For example, when a spouse sells real estate they owned before the marriage and puts the proceeds in a bank account, the funds remain separate property. However, the spouse arguing the property is separate bears the burden of proving their ownership.
A Frisco complex property division attorney could examine the circumstances surrounding your particular case to determine how property may be classified and divided during divorce proceedings.
Assets that have become intertwined over multiple years or even decades are often difficult to trace. When assets are sold and other possessions are purchased, many couples have trouble determining when and where assets were first acquired. In such cases, an attorney will often utilize the services of a forensic accountant.
These financial professionals trace the origin and nature of various assets to provide a fair and equitable solution for asset division. The accountant will locate and identify all types of owned property to improve transparency and streamline the asset division process.
Navigating asset division is one of the most stressful aspects of the divorce process. Even the most amicable couples may find themselves in disputes about the nature of their property. An experienced Frisco complex property division lawyer could help you untangle the intricacies of your comingled property and ensure your rights are protected during equitable asset division.
If you and your spouse are considering a divorce, consult with a knowledgeable local attorney to help you accurately assess and divide property. Contact Towson Law Firm, PLLC for more information or to schedule an initial consultation.
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.
