Austin Asset Division Lawyer, Austin Family Law Lawyers and Attorneys of Heselmeyer Zinda, PLLC
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One of the more complicated issues that arises during divorce proceedings is in regards to asset division. Since Texas is considered a community property state, generally any debts or property obtained during the marriage should be subject to an equal division of assets between the two parties. For example, if you and your spouse purchase a home during your marriage and later file for divorce, both you and your spouse are entitled to 50% of the value of the home. In most cases, the property is either sold and the proceeds are divided equally. Alternatively, either you or your spouse may choose to keep the property and reimburse the other for 50% of its current market value.
Some items are exempt from the community property rule during a divorce such as assets obtained before the marriage was entered into and property obtained from an inheritance from a family member. For the non-community property ruling to stand though, these items are not allowed to have been mixed or co-mingled with true marital assets at any time during the marriage.
Ideally, most couples in the process of divorce are able to come to an amicable agreement regarding asset division, especially in states such as Texas where community property guidelines apply. However, legal intervention is sometimes needed to determine what percentage of value or ownership, if any, each party is to be awarded of potentially contested items. If you do find yourself in a divorce situation where asset division is in question, gather as much information as you can regarding the property or items in question such as purchase price, purchase date, and current value. This is all information that an attorney will need to assist you in your case and, by gathering it advance, they will be able to give you a more accurate picture of what is, in fact, considered community property and also what to expect as a potential outcome of the asset division process.
Our attorneys provide marital and family law representation to men, women, parents, and even couples without children. Our family law practice includes legal advice and representation in a range of family law matters, including
We can help you put your life back together. If you are considering a divorce or are facing family law issue in Cedar Park, Texas Contact us today for a Free Consultation.’
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