Division of assets is often the most complex and inflammatory part of the divorce process. All assets acquired during a marriage, including real estate, property, and funds, must be divided to provide an equitable financial future for each spouse. This requires proof of how possessions should be classified and details about the couple’s marriage and divorce.
Even when a divorce is amicable, obtaining a favorable division of assets in Frisco often requires legal assistance. A skilled property division attorney could help you and your former spouse identify assets and divide them in a fair and reasonable manner.
Favorable asset division in a Frisco divorce begins with a clear understanding of Texas family law regarding property division, including the distinction between separate and community property.
Most property belonging to a married couple is considered community property, including any possessions and real estate acquired during the marriage. In Texas, community property is to be divided in a fair and equitable manner.
Separate property refers to property owned by one spouse before entering the marriage or property received as a gift or inheritance. In such cases, a spouse must provide clear and convincing proof that certain property is separate and should not be included in the asset division.
Along with properly classifying assets, the divorce process requires couples to accurately value and categorize debt. The process can quickly become complicated if a couple has substantial community property and/or debt.
It is vital to note that property division in Texas does not aim to separate assets in a 50/50 split. Instead, the goal is to divide property in a “fair and just manner” to ensure each spouse has an equal opportunity to a secure financial future. To do so, favorable asset division in the Frisco divorce process considers characteristics of the marriage, each spouse’s earning capacity, and each spouse’s health. The following factors are used to divide marital property and assets:
Each marriage and divorce has specific, unique factors that guide asset division. A consultation with a Towson Law Firm attorney could help couples understand which factors may apply to their case.
Obtaining a favorable division of assets in Frisco requires financial transparency, negotiation, and an approach that aligns with Texas laws regarding community and separate property. Incomplete asset identification or limited financial disclosure can lead to an unfair distribution of marital assets. Mediation and negotiation often play a vital role in the process, and such actions can be carried out with assistance from a neutral third party or legal representation.
If you or your spouse is considering divorce, professional guidance from a knowledgeable attorney could help you avoid disputes to find the most amicable solution possible. The family law attorneys at Towson Law Firm have ample experience handling complex asset division cases. Contact us today to schedule your consultation and 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.
