Fort Worth Division of Assets Lawyers
Going through a divorce can be a very difficult and stressful time in life. No one gets married thinking that they are going to get divorced down the road. As such, many people do not have a plan for what to do if the occasion of a divorce should arise. When getting divorced, there are a lot of practical things to consider; one of the most important is how to divide assets.
Dividing property can be complicated and may have implications beyond the initial division. This is so even in the most amicable of divorces. Hiring a lawyer to assist you through this complicated process can help you get the settlement to which you are entitled, and safeguard your future. Call the Fort Worth division of assets lawyers at The Maynard Law Firm, PLLC today. We have been helping people divide their assets and settle the legalities of their divorce for years.
Why Choose The Maynard Law Firm, PLLC?
Divorces can take many shapes. Some spouses split amicably, while others fight with each other throughout the entire process. In either case (and even in the best of circumstances), emotions may be running high, and people may not think rationally. That is why you need someone to make sure your interests are protected. The experienced lawyers at The Maynard Law Firm, PLLC have helped people through all sorts of divorces, including contested divorces, uncontested divorces, mediated divorces, and collaborative divorces.
During a time of major life transition, such as a divorce, a lot of thoughts may be running through your mind, stirring up complex emotions. Many things may be at stake for you in the division of property, like all the good things you have worked for in your life. Call the lawyers at The Maynard Law Firm, PLLC today at (817) 335-9600 to ensure that you get what you are owed in the division of assets. We understand that getting divorced is stressful. We treat our clients with compassion and understanding. You do not need to be going through this trying period alone. Call us today at (817) 335-9600 for your free consultation.
Dividing Your Assets When Divorcing
When getting married, many people do not make a plan for what to do with their property if they should get divorced. This is true even though in Texas, in 2015, 2.6 people per 1000 people got divorced. There are some laws in Texas that help decide how property may be divided in the event of a divorce, but even with these laws, things can be complicated.
Texas divorce law subscribes to a rule of community property. This means that everything acquired during the marriage is considered the property of both spouses, and both spouses have rights to the property. Community property can include the following:
- Real property, such as houses or other real estate
- Business interests
Even though Texas is a community property state, there are some types of property that are recognized as separate property. Separate property is property that belongs to one spouse. Separate property can include the following:
- Any property that was acquired before the marriage
- Inherited property or gifts, even if they were received during the marriage
- Property acquired by one spouse with the use of their separate property
- Property that the spouses agree is separate—this agreement must be in a written form that meets certain requirements
An important aspect of getting divorced is how to divide property in an equitable fashion. Understanding and determining what is community property and what is separate property can be confusing. Issues may arise over property that was acquired by one spouse before the marriage that gained value during the marriage through the joint work of the spouses.
For example, one spouse may have owned a business before the marriage that was somewhat successful. During the marriage, that same business may have seen substantial growth in revenue due to the work of both spouses. In this case, determining what is community property and what is separate property can be challenging.
Similarly, a house may have been purchased by one spouse before the marriage, but during the marriage, the other spouse paid the mortgage and taxes or contributed money for home improvements. Again, in this case, determining what belongs to who and who is owed what for their contributions can be complicated.
Other issues may arise that cause confusion as to whether an asset is community property or separate property. An example would be what to do with property that was acquired in a state that does not recognize community property while living in a state that does recognize community property. Also, some couples may struggle with knowing how to divide debt. Knowing how to deal with these issues and other difficult circumstances that blur the line can be exceedingly complicated.
Another aspect of dividing assets in a divorce is the issue of taxes. Taxes can be difficult to understand in and of themselves. When going through a divorce, the division of property may complicate your taxes. While the goal of property transfers in a divorce should be to not create additional liabilities for either spouse, if assets are divided in certain ways, tax liabilities may result. In some cases, a tax liability is unavoidable, and this may burden one spouse while it benefits the other.
During a divorce, knowing how to protect your interests and assets and shield yourself from liability is difficult. That is why having an experienced and knowledgeable attorney look out for your interests in the division of assets is prudent. To get help answering difficult questions regarding the division of your assets, and to secure what you are rightfully owed, call the experienced lawyers at The Maynard Law Firm, PLLC today for assistance.
If you are going through a divorce, you are going through a major life transition. Do not let your emotions get the best of you during this difficult time. Remember to take care of yourself and ensure that your financial needs will be met now and in the future. Protect all that you have worked for and call the Fort Worth property division lawyers at The Maynard Law Firm, PLLC to safeguard your interests. Call us today at (817) 335-9600 for a free consultation.