Round Rock Asset Division Attorneys
Protect Your Valuable Assets in Divorce
In divorce, you and your spouse will have a lot of different topics to discuss—or argue if things aren’t going smoothly. One of the most important topics will be asset division or how your marital property is split once the marriage is over. Don’t risk losing valuable property that should be yours by trying to handle asset division alone. Instead, come to the Round Rock asset division lawyers of Diggs & Sadler for all the professional guidance and counsel you need.
On This Page:
- Texas Property Division Rules
- Property Evaluation
- What Is Considered Separate Property?
- Are Businesses Considered Community Property?
- Request a Consultation
In Texas, community property rules are used during asset division. While this rule might seem simple at first, you will find that it can get complicated quickly based on the details of your property, marriage, expectations, and so on.
Under community property rules, assets can be categorized as:
- Separate property: An asset that you alone own is considered separate property. It can include gifts, inheritances, and property that you owned before you got married. Separate property should not be divided during asset division.
- Community property: An asset that you own with your spouse is community property. It can include property that you bought together or attained during the marriage, or that benefits everyone in the household. Community property will be divided in an equitable manner, which means based on what is fair. This might not be the same as what is equal.
Texas family law courts want to divide community property as close to 50-50 as possible, which is generally seen as the “fairest” option. To get to that point, it must first evaluate the community property against various factors that affect it and your marriage.
When evaluating community property, a family law judge will consider:
- Why you filed for divorce
- Income differences between the spouses
- Future income earning potential of both spouses
- Child custody arrangements
- Total value of the household’s estate
- Health needs of both spouses
For example, if your spouse doesn’t make enough income on their own to continue payments on the family house, but you do, then the court might be more inclined to give you ownership of the home. Unique situations like this can greatly affect asset division.
A difficult goal in many asset division cases is to prove that certain pieces of property are separate and should remain under your ownership when the divorce concludes. Your spouse might mistakenly think a piece of property should be community property. They might even intentionally misrepresent a piece of property to try to make it their own when they know it isn’t true.
Diggs & Sadler knows how to present an asset division case that clearly shows what separate property should belong to you. With our extensive practice experience, we can strategize around any challenges your spouse and their legal counsel create.
We can prove that separate property belongs to you by:
- Collecting receipts
- Accessing financial records
- Talking to credible witnesses
- Showing proof of inheritance
If your or your spouse own a business, there may be some concern about how that business may be handled during the divorce process. In general, if you or your spouse started or continued to develop the business during the course of your marriage, the business may be considered community property and will need to be evaluated in the divorce proceedings.
If you are undergoing a divorce that involves a private business as part of the community property, it can be beneficial to hire a CPA or business appraiser to help assess the value of your business.
The best way to learn more about asset division and property rules in Texas is to get your case started. Take the first step today by connecting with our Round Rock asset division lawyers of Diggs & Sadler. We are here to guide you through the entire process, so your divorce can go as smoothly as possible.
Please call us at (512) 548-8355 to discuss asset division questions and concerns today.
A Team-Based Approach
When you hire one attorney at Diggs & Sadler, you receive the experience, knowledge and insight of our team.
Always Prepared for Trial
Our attorneys prepare for war so we can negotiate peace. We are not afraid to go to trial if it is in the client's best interest.
Each case is reviewed by our team to ensure we are crafting a case strategy that will help you achieve a satisfactory result.
We Put Clients First
At our firm, the client drives our goals. We put you and your needs first while focusing on providing a personalized approach for your unique case.
“I would highly recommend Diggs & Sadler to anyone needing family law representation in the Houston area.”- James M.
“Diggs & Sadler gave me great advice, stayed on top of things, and explained everything very clearly to me.”- Chris G.
“If your going through any family law issue, this is the firm to call. I would give 10 stars if I could.”- Leslie J.