Secure Everything You’ve Worked So Hard For With Our Austin, TX Property Division Lawyer
Whether you are going through a divorce or common law relationship breakup, separating from a business partner, or removing assets after an enterprise has filed, there are bound to be some disputes over an equitable division of property. Our Austin, TX property division lawyer can help you compromise with the other party or parties involved in the dispute, seeking the most advantageous outcome for your interests.
The attorneys at Gray Becker, P.C. are skilled negotiators. We can represent you in mediation or arbitration or initiate legal action if we cannot achieve a compromise for property division. Whether the division of property involves material assets or a business arrangement, we have the skills and legal knowledge to guide you through it, no matter how complex the ownership issues are. Contact us today for a consultation.
Helping You Find A Solution For Legal Division Of Property
With decades of combined experience in both Texas family law and business law, we offer a unique, well-rounded approach to property division. Many times, property use may not be completely spelled out in a contract or business agreement, or in the case of a marriage, assets may have been comingled to the point where ownership is quite tangled. With our close attention to detail and resources like forensic accountants, we unravel these knots to determine what is fairly yours.
We start by properly categorizing assets, real property, and money as separate, shared, or business assets. Any jointly held property may be considered for division, but once we determine what is squarely yours, we take it off the table. Then, we value the property, with an eye toward any depreciation, before beginning negotiations.
Our attorneys advise you on a “good, better, best” outcome for dividing property and help you focus on what matters most to you. For example, in a divorce, you may want to keep the family home but be willing to let go of certain investments. Or, in a business, you may have a vested interest in its intellectual property, especially if you were the sole or primary creator. We get to know you and what is most important to you, then work toward a solution to achieve your goals.
Skilled Legal Advocacy For Property Division Disputes
Our attorneys help clients like you with a variety of issues related to the division of assets, investments, physical property, real property, and intellectual property, including:
- Asset valuation. We have extensive resources to properly value shared assets, including forensic accountants, appraisers, and experts in valuing specialty items, from heavy machinery to fine jewelry.
- Intellectual property protections. We can help protect the use of IP that your business partners or employees may have had access to preserve your interests.
- Property characterization. We investigate the nature of shared or communal property to determine what is fairly separate and what can be considered communal (or divisible) property.
- Financial record gathering. We conduct an in-depth investigation into the other party’s financial records to ensure that nothing has been concealed or appropriated without your consent or knowledge. This includes finding property records, bank statements, and buy-sell agreements.
- Tracing asserts. We have savvy investigators who can trace hidden or undeclared assets you may be entitled to or a portion of.
As your Austin property division lawyer, we work hard to ensure that you receive your fair use in any property division, both personal and business. Contact Gray Becker, P.C., today for a free consultation.
How Property Is Divided In Divorce
If you are facing a divorce, one of the most important aspects to consider is how your property will be divided. There are many factors that can influence how property is divided, and it’s essential to work with our skilled Austin, TX property division lawyer at Gray Becker, P.C. to make sure you’re well-informed during your divorce. Since 1983, we’ve been providing high-quality, cost-effective representation for all your divorce needs.
Marital Vs. Separate Property
The first step in the property division process is identifying which assets are marital property and which are separate property. Marital property includes assets that were acquired during the marriage, such as the family home, vehicles, and savings. Separate property consists of assets acquired before the marriage, such as a pre-marriage inheritance, or property obtained by gift.
In some cases, even separate property may be subject to division if it has been commingled with marital assets. For example, a bank account that started as a separate account but later received deposits from marital funds may be considered marital property.
It’s also important to note that debts can be considered marital or separate. If one spouse incurred a personal debt before the marriage, it may remain separate, but debts accrued during the marriage are typically considered marital debt, and both spouses may be responsible for repaying them.
However, n some cases, even separate property may be subject to division if it has been commingled with marital assets. Our property law attorneys are highly experienced in handling property division cases, and we can help you determine what is classified as marital or separate property.
Factors That Influence Property Division
In Texas, property division during divorce is based on the principle of “just and right” division. This means that the court will divide assets in a way that is fair, but not necessarily equal. Several factors influence how the court may divide property, including:
The length of the marriage: A long marriage may result in a more equal division of property, as both spouses have had more time to contribute to the accumulation of assets.
Each spouse’s financial situation: If one spouse has significantly more financial resources than the other, this may influence how the court divides assets to ensure fairness.
The needs of the children: If there are children involved, the court may consider their well-being when making decisions about property division.
Spousal misconduct: In certain situations, if one spouse’s misconduct, such as infidelity or financial mismanagement, has contributed to the divorce, the court may adjust the property division to reflect this behavior.
Contributions to the marriage: Both financial and non-financial contributions to the marriage are taken into account. A spouse who stayed home to care for children may have made an equally important contribution as the spouse who worked outside the home.
As your Austin property division lawyers, we can explain these factors in more detail and help you understand how they apply to your case. Our goal is to help you achieve a fair property settlement that reflects both your contributions and needs.
How Our Division Lawyer Can Help
Dividing property can be one of the most emotionally charged and financially significant parts of a divorce. As your Austin property division attorney, we can help protect your interests when dividing property during your divorce. If you’re facing a divorce and are concerned about how your property will be divided, contact our property settlement lawyers at Gray Becker, P.C. today to schedule a consultation. Our marital asset division lawyers can help you work toward a resolution that aligns with your goals.
Property Division
In divorce, asset division increases in complexity as the variety and value of the property at issue grow. Some types of assets are easy to evaluate and divide, but others, such as real estate and retirement accounts, are more challenging and require special attention. This issue is further complicated by the parties’ emotional attachment to certain assets or standards of living.
How Property is Divided in a Divorce
Texas is a community property state meaning that most, if not all, properties that were acquired during the marriage are considered to belong to both parties, and must be divided between them at the time of divorce. The attorneys of Gray Becker are knowledgeable about these issues and have developed numerous strategies for approaching property division.
Over many decades, the legal team has created a network of trusted professionals who assist with asset valuation, including CPAs, tax advisers, appraisers, and business valuation experts. The lawyers of Gray Becker are also experienced with the complex matters of international property division.
Consequently, the firm is well-positioned to help clients with the valuation and division of investments, along with many other types of assets, including:
- Real estate
- Retirement accounts, including 401(k) accounts, pension plans, and IRAs
- Life insurance policies
- Frequent flyer miles and other reward programs
- Country club memberships
- Gym memberships
- Vehicles
- Executive compensation and benefits
- Restricted Stock Units and Employee Stock Purchase Plans
- Investments
- Oil, gas, and mineral interests
- Business interests
Separate vs. Community Assets
Again, although Texas is considered a community property state, marital assets are not simply divided 50/50 between the spouses. Rather, the court is responsible for determining a division that it considers “just and right” based on the specific circumstances of the couple, the complexities of the marriage, and the divorce.
To do this, the court first classifies all of the owned assets of both spouses as either separate or community property. This determination is made based on Texas Family Code, whether the specific asset was owned by one spouse before the date of marriage, or if the property was acquired during the period of marriage.
Often, tracing experts must be hired to provide clear and convincing evidence to the court that the property belongs to one spouse. Additionally, Separate Property can mutate and mutated property can still be considered Separate Property. For example, if cash from one spouse was used to purchase a home before the marriage, a portion of the house purchased with Separate Property funds is considered Separate Property.
Other separate assets can include:
- Personal gifts to one spouse from a third party
- Items or property from direct inheritance
- Damages awards acquired during the marriage from a personal injury case
Almost all remaining assets or debts (unless expressly excluded from division by a binding pre-nuptial or post-nuptial agreement) are considered community property and are subject to property division in a divorce.
A Texas property division attorney with experience in how to divide property in a divorce can provide you with more detailed state-based information so you can better prepare for the division of assets.
Contact The Firm for More Information
Our firm’s most guiding objective in every divorce is to protect our client’s best interests. Experience has shown that out-of-court settlement is typically the most prudent course of action. The legal team at Gray Becker has developed effective strategies for applying leverage to achieve a client’s goals.
To arrange a consultation with one of our experienced Texas property division lawyers, contact the firm online. Gray Becker is located near the courthouse among Austin’s historic homes and serves clients throughout Central Texas, including Round Rock, Westlake, and Georgetown.
