Austin Asset Division Attorneys

Asset Division in Divorce Made Simple

You should be able to keep your most valuable assets when going through a divorce. If the asset division process doesn’t go correctly, though, you could stand to lose some of your property, or feel like you didn’t get a fair share of it.

To help avoid regret when your divorce is over, let the Austin asset division lawyers of Diggs & Sadler handle your case today. We know how to catalog your property, evaluate it, and offer a fair asset division plan that will be agreeable for your spouse. All the while, we will be committed to upholding your best interests.

Talk about asset division with our legal pros. Call (512) 548-8355 now.

Property Division Rules in Texas

How does Texas divide property? It is a community property state that uses equitable distribution rules. This means that shared property is divided based on what is fair, not on what is exactly even.

The two types of property to consider in asset division are:

• Separate: If you own a piece of property on your own, such as a gift or inheritance, then it should be separate property. The same is true for any property that you owned before you got married. Separate property is not meant to be divided.
• Community: If you own a piece of property with your spouse, or you bought something while you were married, then it will likely be considered community property. This type of property is divided equitably.

What is Property Evaluation?

You probably know what property is community property in your marriage, but the court doesn’t. Your spouse might not have a clear idea of it, either, which can cause a lot of problems during asset division. To figure out what property should be considered community or owned by both spouses, a Texas family law court will evaluate several factors.

The factors considered by a family law judge will include:

• Reason for the divorce or separation
• Income earned by each spouse
• Child custody orders
• Education of each spouse
• Size of the family estate
• Overall health of each spouse

What is Separate Property?

The separate property that you own could be miscategorized as community property and then given to your spouse or divided. You understandably won’t want that happening. Not only would that technically be wrong to do, but it might leave you feeling cheated when the divorce ends, which will make rebuilding a relationship with your spouse more difficult.

To prove that separate property should remain separate, we can consider:

• Proof of purchase like receipts
• Statements that show you received an item as a gift
• Inheritance information
• Financial or bank records

Call Our Asset Division Lawyers Today

Our Austin asset division attorneys of Diggs & Sadler are standing by to help you decide the best way to split your assets during a divorce. We will work diligently to make sure that you hold onto your separate property while also getting a fair share of community property. When we handle a case, we act as if we are representing ourselves.

For more information, fill out an online contact form now. We look forward to helping you.