The property accrued during the course of a marriage is referred to as the marital estate. It can include real property, such as houses, all assets such as cars, as well as any debt. It can also include businesses, retirement accounts and bank accounts. It also includes all personal property acquired during the marriage, such as furniture, collections, and jewelry. When a divorce is granted, the marital estate is divided in the final decree of divorce. You will need an Austin property division attorney to help you get the best possible property division in your case.
As per the Texas Family Code, the Court is to divide the estate in a just and right manner, having due regard for the rights of each party and any children of the marriage This does not mean an even division, however. The Court can consider many factors in deciding how to divide a marital estate, including fault in the break-up of the marriage, such as adultery and cruelty, and economic considerations when dividing the estate in a just and right manner. That being said, the Court endeavors to leave spouses on more or less equal footing when all is said and done, absent unusual circumstances. In the discovery process, your Austin property division attorney will exchange documents and other items regarding the property in the marital estate with the other spouse’s attorney. When discussing dividing the estate, it is important to note that this includes both assets and debts of the estate. If you are awarded the marital residence, for example, you may well be awarded the note that goes along with it. The same is true for vehicles, or anything else that carries a debt. Assets include real estate, retirement accounts, vehicles, collections of value, personal possessions, businesses and credit cards and all bank accounts, regardless of whose name a card or bank account may be in, just to name the most common. Debts include credit card debt and all bank loans, regardless of whose name a card or bank loan may be in, taxes, mortgages, car notes, business debts, lines of credit and personal loans, for example. If there is a business involved in the marital estate, or if there is a disputed claim for separate property, you will need an experienced Austin property division attorney to assist you in what could be a complex property division case. In addition, many property divisions require closing documents be filed with property records, employers, retirement accounts, and the like. Let an experienced Austin property division attorney from DiafiLaw handle this complex part of your divorce.
At DiafiLaw, an experienced Austin property division lawyer will review your estate with you, answer your questions and help you devise a property division that is just and right!Community Property
Before a marital estate can be divided, it must first be determined what part of the estate is community property and what is separate property. The Texas Family Code defines separate property as that property that was 1) owned or claimed by the spouse before the marriage; 2) acquired by the spouse during the marriage by gift, devise or decent (inheritance); and 3) recovery for personal injury sustained by the spouse during the marriage. Everything else is community property. Even if one spouse does not work and the other spouse works and pays all the bills, the non-working spouse has equal ownership rights to anything the working spouse earns, purchases or saves. It would require proof from the working spouse that an asset was separate property by clear and convincing evidence. This can be accomplished through documents and other means. For a personalized review of your marital estate, come in for a free consultation with an experienced Austin community property lawyer.
Property division requires skill and knowledge of the law. Often it is not clear what property is community and what is separate, depending on how property was treated during the marriage. Having an Austin property division attorney take the required steps to characterize and trace property could save you thousands of dollars in the property division. At DiafiLaw, we offer 29 years of experience in complex and simple property division in family law cases. No estate is too large or too small to benefit from the attention of an experienced Austin property division attorney. Call today for your free consultation with DiafiLaw.